---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-015495"
form_type: "8-K"
ticker: "SBAC"
cik: "0001034054"
company_name: "SBA COMMUNICATIONS CORP"
filed_at: "2024-01-25T23:59:59+00:00"
generated_at: "2026-06-06T17:18:16.127736+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# SBA Communications enters into $2.3B Term Loan and increases Revolver to $1.75B

## Summary
- Revolving credit facility increased from $1.5B to $1.75B; maturity extended to Jan 25, 2029.
- New $2.3B seven-year term loan issued at 99.75% of par, matures Jan 25, 2031.
- Term loan bears interest at Base Rate+1.0% or Term SOFR+2.0%; quarterly principal payments at 0.25%.
- Proceeds used to refinance existing 2018 term loan and pay related fees and expenses.
- Sustainability-linked pricing adjustments of up to 0.05% based on tower lighting and renewable energy credits.

## SEC filing metadata
- accession: 0001193125-24-015495
- form_type: 8-K
- ticker: SBAC
- cik: 0001034054
- company_name: SBA COMMUNICATIONS CORP
- filed_at: 2024-01-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1034054/000119312524015495/0001193125-24-015495-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1034054/000119312524015495/d725918d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-015495
- JSON: https://secwatch.observer/filing/0001193125-24-015495.json
- Plain text: https://secwatch.observer/filing/0001193125-24-015495.txt

## Key facts
- Debt Financings
  SBA COMMUNICATIONS CORP amended revolving credit of $1.75 billion aggregate principal amount with Toronto Dominion (Texas) LLC, as administrative agent at Term SOFR plus margin of 1.125% to 1.500% (or Base Rate plus 0.125% to 0.500%) maturing January 25, 2029.
  - Instrument: revolving credit
  - Principal: $1.75 billion aggregate principal amount
  - Counterparty: Toronto Dominion (Texas) LLC, as administrative agent
  - Rate: Term SOFR plus margin of 1.125% to 1.500% (or Base Rate plus 0.125% to 0.500%)
  - Maturity: January 25, 2029
  - Event: amendment
  source text: The Third A&R Credit Agreement increased the revolving credit commitments under the existing revolving credit facility from $1.5 billion to $1.75 billion aggregate principal amount, which may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312524015495/0001193125-24-015495-index.htm
- Material Agreements
  SBA COMMUNICATIONS CORP amended Third Amended and Restated Credit Agreement with the lenders party thereto, with Toronto Dominion (Texas) LLC as administrative agent valued at aggregate principal amount of $2.3 billion (effective 2024-01-25).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: the lenders party thereto, with Toronto Dominion (Texas) LLC as administrative agent
  - Value: aggregate principal amount of $2.3 billion
  - Effective: 2024-01-25
  source text: On January 25, 2024, SBA Senior Finance II LLC (the “ Borrower ”), a wholly-owned subsidiary of SBA Communications Corporation (“ SBAC ”), entered into the Third Amended and Restated Credit Agreement (the “ Third A&R Credit Agreement ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312524015495/0001193125-24-015495-index.htm
- Material Agreements
  SBA COMMUNICATIONS CORP amended Third Amended and Restated Guarantee and Collateral Agreement with Toronto Dominion (Texas) LLC, as administrative agent (effective 2024-01-25).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Toronto Dominion (Texas) LLC, as administrative agent
  - Effective: 2024-01-25
  source text: In connection with the Third A&R Credit Agreement, SBAC and certain of its subsidiaries entered into a Third Amended and Restated Guarantee and Collateral Agreement (the “ Second A&R Guarantee and Collateral Agreement ”), dated as of January 25, 2024, among SBAC, SBA Telecommunications, LLC, SBA Senior Finance, LLC, SBA Senior Finance II and certain of SBA Senior Finance II’s subsidiaries, as identified in the Third A&R Guarantee and Collateral Agreement (the “ Subsidiary Guarantors ”), in favor of Toronto Dominion (Texas) LLC, as administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1034054/000119312524015495/0001193125-24-015495-index.htm

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