SBAC · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
SBA COMMUNICATIONS CORP · 2026-08-06 · Importance 49 · Surprise 6 · No source text
As of June 30, 2026, SBA Communications had $6.5 billion of Secured Tower Revenue Securities backed by operating cash flows from 8,611 tower sites. The company also had $3.0 billion of senior notes outstanding, consisting of $1.5 billion of 2020 Senior Notes due February 2027 and $1.5 billion of 2021 Senior Notes due February 2029. The 2024 Term Loan had a $2.2 billion principal balance and the Revolving Credit Facility had $1.1 billion outstanding at quarter-end, both of which were repaid on July 23, 2026 using proceeds from the new senior notes. The Borrowers satisfied the mortgage loan debt service coverage ratio and all other debt covenants as of June 30, 2026.
Key facts
- The debt service estimate includes $1,558,125 (thousands) for the 2020 Senior Notes for the next 12 months. source
- On July 23, 2026, we repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes. source
- The debt service estimate includes $1,172,156 (thousands) for the 2021-1C Tower Securities based on the anticipated repayment date of November 9, 2026, although payment is not required until final maturity May 9, 2051. source
- As of June 30, 2026, each of our senior notes included 2020 Senior Notes $1,500.0 million at 3.875% maturing Feb. 15, 2027 and 2021 Senior Notes $1,500.0 million at 3.125% maturing Feb. 1, 2029. source
- On July 23, 2026, we repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance of the 2026 Senior Notes. source
- During the six months ended June 30, 2026, net borrowings under the Revolving Credit Facility were $580,000 (thousands) and repayment of Tower Securities was $(750,000) (thousands). source
- The debt service estimate includes $907,983 (thousands) for the 2021-2C Tower Securities based on the anticipated repayment date of April 9, 2027, although payment is not required until final maturity October 10, 2051. source
- 2024-1C Tower Securities: Issue Date Oct. 11, 2024; Amount Outstanding $1,450.0 million; Interest Rate 4.831%; Anticipated Repayment Date Oct. 9, 2029; Final Maturity Date Oct. 8, 2054. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | committed | -38.9% | We incurred financing fees of $23.5 million in relation to this transaction, which will be amortized through the maturity of the 2026… |
| net_income | negative | committed | -33.2% | Subsequent to June 30, 2026, we expensed $16.1 million of net deferred financing fees and $4.0 million of discount related to the… |
| liability | positive | realized | +18.7% | On July 23, 2026, we repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes. |
| cash | negative | realized | -18.7% | On July 23, 2026, we repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes. |
| liability | positive | realized | +9.0% | On July 23, 2026, we repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance… |
| cash | negative | realized | -9.0% | On July 23, 2026, we repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance… |
| cash | negative | probable | -6.6% | The debt service estimate includes $1,558,125 (thousands) for the 2020 Senior Notes for the next 12 months. |
| liability | positive | realized | +6.4% | During the six months ended June 30, 2026, net borrowings under the Revolving Credit Facility were $580,000 (thousands) and repayment of… |
| cash | negative | realized | -6.4% | During the six months ended June 30, 2026, net borrowings under the Revolving Credit Facility were $580,000 (thousands) and repayment of… |
| liability | positive | realized | +6.4% | On January 9, 2026, we repaid the entire aggregate principal amount of the 2020-1C Tower Securities ($750.0 million) using borrowings from… |
| liability | negative | realized | -4.9% | During the six months ended June 30, 2026, net borrowings under the Revolving Credit Facility were $580,000 (thousands) and repayment of… |
| cash | positive | realized | +4.9% | During the six months ended June 30, 2026, net borrowings under the Revolving Credit Facility were $580,000 (thousands) and repayment of… |