SBAC · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

SBA COMMUNICATIONS CORP · 2026-11-05 · Importance 43 · Surprise 6 · From source text

As of September 30, 2026, SBA had $6.5 billion of Secured Tower Revenue Securities outstanding, supported by operating cash flows from 8,603 tower sites. It also had $1.5 billion of 2020 Senior Notes and $1.5 billion of 2021 Senior Notes outstanding, in addition to the $3.5 billion of 2026 Senior Notes. No amounts were outstanding under the Revolving Credit Facility or Commercial Paper Program as of the filing date, and SBA estimated $4.018 billion of debt service over the 12 months ending September 30, 2027, including anticipated repayment of the $1.165 billion 2021-1C Tower Securities. The company stated that cash on hand, available credit, and operating cash flows for the next 12 months would be sufficient to service debt and repay amounts due at final maturity during that period.

Key facts

• On July 23, 2026, SBA entered into a new unsecured senior credit agreement providing a $2.5 billion Revolving Credit Facility, maturing July 23, 2031. source
• On September 25, 2026, SBA established a commercial paper program allowing up to $2.5 billion of short-term unsecured notes outstanding at any time, with maturities no longer than 397 days. source
• The Senior Credit Agreement allows SBA to request up to $1.0 billion of increases to the Revolving Credit Facility, subject to financial-ratio compliance and customary conditions. source
• As of September 30, 2026, SBA’s estimated debt service for the next 12 months totaled $4,017.898 million. source
• SBA reported $994.1 million of cash provided by operating activities for the nine months ended September 30, 2026, compared with $987.3 million in the prior-year period. source
• As of September 30, 2026, SBA had $6.5 billion of Tower Securities outstanding, supported by a mortgage loan secured by operating cash flows from 8,603 tower sites owned by the Borrowers. source
• The Senior Credit Agreement requires a consolidated total net leverage ratio no greater than 7.50 to 1.00, or up to 8.00 to 1.00 for four fiscal quarters after certain qualified acquisitions, and a consolidated senior secured leverage ratio no greater than 3.50 to 1.00. source
• SBA stated that cash on hand, current credit availability, and operating cash flows for the next 12 months would be sufficient to service outstanding debt and repay amounts due at final maturity during those 12 months. source

Impact estimates