8.86%C 6.45 22.20%F 2.55 5.20%
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BOCA RATON, Fla. - SBA Communications Corp., which owns wireless communication towers, said Wednesday that the initial purchasers of its $500 million senior notes will buy an additional $50 million of the notes under an overallotment option.
| SBAC | 13.55 |  -2.24 |
The 1.875 percent convertible senior notes due 2013 are being sold in a private placement to institutional buyers.
After discounts, commissions and expenses, SBA expects the net proceeds to total about $536.8 million. The sale is expected to close on Friday, subject to standard closing conditions.
SBA said it plans to use about $200 million in proceeds to repay debt it incurs as part of the purchase of 430 wireless towers from TowerCo. The company plans to use roughly $120 million of the proceeds to buy back 3.47 million shares of its Class A common stock.
Some proceeds will also be used to fund the cost of convertible note hedge transactions and to repay other debt. In addition, SBA may use the remaining proceeds for potential future acquisitions, to fund additional stock repurchases and for general corporate purposes.
SBA shares gained 41 cents to $35.41 in morning trading.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
African Eagle Resources has raised its stake in the Mokambo joint venture to 87% and says 2008 drill results were "promising".
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