{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-402918","form_type":"8-K","ticker":"SBAC","cik":"0001034054","company_name":"SBA COMMUNICATIONS CORP","filed_at":"2026-09-25T20:37:58+00:00","discovered_at":"2026-09-25T20:39:12.303480+00:00","generated_at":"2026-10-12T13:25:14.988126+00:00","sec_items":["2.03"],"event_type":"debt","sentiment":"neutral","materiality_score":0.45,"calibrated_materiality_score":0.45,"confidence":"high","headline":"SBA Communications establishes $2.5B commercial paper program with up to 397-day maturities","bullets":["$2.5 billion maximum aggregate principal amount outstanding at any one time; amounts may be borrowed, repaid and reborrowed.","Maturities will not exceed 397 days from date of issue; proceeds intended for general corporate purposes.","Notes rank pari passu with other unsecured, unsubordinated debt and are structurally subordinated to subsidiary debt including secured tower revenue notes.","Notes sold on a private placement basis in the U.S. commercial paper market through one or more dealers under Section 4(a)(2); not registered under the Securities Act.","Program established September 25, 2026; filing signed by EVP and CFO Marc Montagner."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-402918","json":"https://secwatch.observer/filing/0001193125-26-402918.json","markdown":"https://secwatch.observer/filing/0001193125-26-402918.md","text":"https://secwatch.observer/filing/0001193125-26-402918.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1034054/000119312526402918/0001193125-26-402918-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1034054/000119312526402918/d152825d8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-12T13:25:14.988126+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}