SBA COMMUNICATIONS CORP (SBAC): debt financing — SBA issues $850M 2022-1C Tower Securities at 6.599% and $44.8M 2022-1R at 7.870% to refinance existing debt

On November 23, 2022, pursuant to the terms of the Purchase Agreement among SBA Senior Finance, LLC an indirect subsidiary of SBA Communications Corporation (the “ Company ”), Deutsche Bank Trust Company Americas, as trustee (the “ Trustee ”), and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several initial purchasers named on Schedule I thereto (the “ Initial Purchasers ”), SBA Tower Trust (the “ Trust ”), a New York common law trust established by SBA Depositor LLC, an indirect subsidiary of the Company (“ SBA Depositor ”), issued, and the Initial Purchasers purchased, $850.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2022-1C (the “ 2022-1C Tower Securities ”). The 2022-1C Tower Securities have an anticipated repayment date in January 2028, a final maturity date in November 2052 and an interest rate of 6.599% per annum. To satisfy the applicable risk retentio

In connection with the issuance of the 2022 Tower Securities, SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA GC Towers, LLC, SBA Towers VII, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (the “ Borrowers ”) and Midland Loan Services, a division of PNC Bank, National Association, as servicer on behalf of the Trustee, entered into a Tenth Loan and Security Agreement Supplement, dated November 23, 2022 (the “ Tenth Loan Supplement ”), which supplemented and amended the Second Amended and Restated Loan and Security Agreement, dated October 15, 2014. Pursuant to the Tenth Loan Supplement, among other things, (1) the outstanding principal amount of the mortgage loan (the “ Mortgage Loan ”) was increased by $894.8 million (or by a net of $221.1 million after giving effect to the prepayment of the 2018-1

On November 23, 2022, pursuant to the terms of the Purchase Agreement among SBA Senior Finance, LLC an indirect subsidiary of SBA Communications Corporation (the “ Company ”), Deutsche Bank Trust Company Americas, as trustee (the “ Trustee ”), and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several initial purchasers named on Schedule I thereto (the “ Initial Purchasers ”), SBA Tower Trust (the “ Trust ”), a New York common law trust established by SBA Depositor LLC, an indirect subsidiary of the Company (“ SBA Depositor ”), issued, and the Initial Purchasers purchased, $850.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2022-1C (the “ 2022-1C Tower Securities ”).

In connection with the issuance of the 2022 Tower Securities, SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA GC Towers, LLC, SBA Towers VII, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (the “ Borrowers ”) and Midland Loan Services, a division of PNC Bank, National Association, as servicer on behalf of the Trustee, entered into a Tenth Loan and Security Agreement Supplement, dated November 23, 2022 (the “ Tenth Loan Supplement ”), which supplemented and amended the Second Amended and Restated Loan and Security Agreement, dated October 15, 2014.