SBA Communications issues $2.18B in tower securities to refinance existing debt

SBA COMMUNICATIONS CORP

Issued $1.45B Series 2024-1C (4.831%) and $620M Series 2024-2C (5.115%) tower securities, plus $108.7M Class R (6.252%) for risk retention.
Net proceeds ~$2.057B used to repay $620M 2014-2C and fund repayment of $1.165B 2019-1C and $61.4M 2019-1R in Jan 2025.
Mortgage loan increased by $2.18B gross ($332.3M net) to $8.8B total, secured by ~9,523 tower sites.
Effective rate on 2024-2C lowered to 4.654% via Treasury Rate Lock entered Sep 10, 2024.

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