---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-294379"
form_type: "8-K"
ticker: "SBAC"
cik: "0001034054"
company_name: "SBA COMMUNICATIONS CORP"
filed_at: "2022-11-29T23:59:59+00:00"
generated_at: "2026-06-21T12:02:41.777890+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# SBA issues $850M 2022-1C Tower Securities at 6.599% and $44.8M 2022-1R at 7.870% to refinance existing debt

## Summary
- Issued $850M 2022-1C Tower Securities at 6.599%, anticipated repayment Jan 2028, final Nov 2052.
- Issued $44.8M 2022-1R Tower Securities at 7.870% for risk retention; eliminated in consolidation.
- Net proceeds ~$843.2M used to repay $640M 2018-1C and $33.7M 2018-1R plus interest and for general corporate purposes.
- Tenth Loan Supplement increased mortgage loan by net $221.1M to total $7.3B across multiple series of tower securities.
- Borrowers jointly liable for $7.3B mortgage loan secured by ~10,000 tower sites; management fee of 4.5% of operating revenues.

## SEC filing metadata
- accession: 0001193125-22-294379
- form_type: 8-K
- ticker: SBAC
- cik: 0001034054
- company_name: SBA COMMUNICATIONS CORP
- filed_at: 2022-11-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/0001193125-22-294379-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/d427154d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-294379
- JSON: https://secwatch.observer/filing/0001193125-22-294379.json
- Plain text: https://secwatch.observer/filing/0001193125-22-294379.txt

## Key facts
- Debt Financings
  SBA COMMUNICATIONS CORP incurred senior notes of $850.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2022-1C and $44.8 million principa with Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several initial purchasers at 6.599% per annum on Series 2022-1C and 7.870% per annum on Series 2022-1R maturing Anticipated repayment date in January 2028, final maturity date in November 2052.
  - Instrument: senior notes
  - Principal: $850.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2022-1C and $44.8 million principa
  - Counterparty: Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several initial purchasers
  - Rate: 6.599% per annum on Series 2022-1C and 7.870% per annum on Series 2022-1R
  - Maturity: Anticipated repayment date in January 2028, final maturity date in November 2052
  - Event: incurrence
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/0001193125-22-294379-index.htm
- Debt Financings
  SBA COMMUNICATIONS CORP amended loan of outstanding principal amount of the mortgage loan was increased by $894.8 million (or by a net of $221.1 million after g with Midland Loan Services, a division of PNC Bank, National Association, as servicer on behalf of the Trustee at 6.599% per annum on the 2022-1C loan component and 7.870% per annum on the 2022- maturing Anticipated repayment date in January 2028, final maturity date in November 2052.
  - Instrument: loan
  - Principal: outstanding principal amount of the mortgage loan was increased by $894.8 million (or by a net of $221.1 million after g
  - Counterparty: Midland Loan Services, a division of PNC Bank, National Association, as servicer on behalf of the Trustee
  - Rate: 6.599% per annum on the 2022-1C loan component and 7.870% per annum on the 2022-
  - Maturity: Anticipated repayment date in January 2028, final maturity date in November 2052
  - Event: amendment
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/0001193125-22-294379-index.htm
- Material Agreements
  SBA COMMUNICATIONS CORP entered into Purchase Agreement with Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC valued at $850.0 million (effective 2022-11-23).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
  - Value: $850.0 million
  - Effective: 2022-11-23
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/0001193125-22-294379-index.htm
- Material Agreements
  SBA COMMUNICATIONS CORP amended Tenth Loan and Security Agreement Supplement with Midland Loan Services, a division of PNC Bank, National Association valued at $894.8 million (effective 2022-11-23).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Midland Loan Services, a division of PNC Bank, National Association
  - Value: $894.8 million
  - Effective: 2022-11-23
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312522294379/0001193125-22-294379-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.