Key Developments For SBA Communications Corporation
SBA Communications Corporation (SBAC.O) (Nasdaq)
SBA Communications Corporation Issues Q4 2009 Guidance; Revenue Guidance Below Analysts' Estimates; Revises FY 2009 Guidance; FY 2009 EBITDA Guidance Above Analysts' Estimates; Issues FY 2010 Guidance
SBA Communications Corporation announced that for fourth quarter 2009 it expects total revenue in the range of $139.5 to $143.5 million and EBITDA of $86.0 to $88.0 million. For fiscal 2009 it expects total revenue in the range of $550.1 to $554.1 million and EBITDA in the range of $336.0 to $338.0 million. For fiscal 2010 it expects revenue in the range of $587.0 to $622.0 million and EBITDA in the range of $367.0 to $385.0. According to Reuters Estimates, analysts are expecting the Company to report revenue of $143.7 million and EBITDA of $87.5 million for fourth quarter 2009; revenue of $554.1 million and EBITDA of $334.7 million for fiscal 2009; revenue of $602.1 million and EBITDA of $372.9 million for fiscal 2010.
SBA Communications Corporation Issues Q3, FY 2009 Guidance In Line With Analysts' Estimates
SBA Communications Corporation announced that for third quarter of 2009, it expects total revenues to be in the range of $136.5-$141.5 million and adjusted EBITDA of $83.5-$85.5 million. For fiscal 2009, it expects total revenues of $543.0-$561.0 million and adjusted EBITDA of $331.0-$343.0 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of revenues of $140.6 million and adjusted EBITDA of $83.84 million for third quarter of 2009; revenue of $557.8 million and adjusted EBITDA of $333.03 million for fiscal 2009.
SBA Communications Corporation Announces Pricing Of $750 Million Of Senior Notes By SBA Telecommunications
SBA Communications Corporation announced that its wholly owned subsidiary SBA Telecommunications, Inc. (Telecommunications), has priced an offering of $750 million of senior notes which was upsized from the previously announced $500 million, $375 million of which will be due 2016 (the 2016 Notes) and $375 million of which will be due 2019 (the 2019 Notes) (collectively, the Notes), which will be guaranteed on a senior, unsecured basis by SBA. SBA expects the closing of the Notes to occur on July 24, 2009. The 2016 Notes will have an interest rate of 8.00% and will be issued at a price of 99.330% of their face value. The 2019 Notes will have an interest rate of 8.25% and will be issued at a price of 99.152% of their face value. Net proceeds of this offering are expected to be $728 million after deducting initial purchasers' discounts, expenses and original issue discount. Telecommunications intends to use the net proceeds from this offering to repay the 2005 CMBS Certificates issued by its subsidiary and the related prepayment consideration, repurchase prior to maturity or repay at maturity SBA's outstanding 0.375% Senior Convertible Notes due 2010 repay the principal amounts outstanding under SBA's credit facilities and for general corporate purposes.
SBA Communications Corporation Announces Offering of $500 Million of Senior Notes By SBA Telecommunications, Inc.
SBA Communications Corporation announced that its wholly owned subsidiary SBA Telecommunications, Inc. (Telecommunications), intends to offer, in a private offering, $500 million of Senior Notes, some of which will be due 2016 and some of which will be due 2019 (collectively, the Notes), which will be guaranteed on a senior, unsecured basis by SBA. Telecommunications intends to use the net proceeds from this offering to (1) repay the 2005 CMBS Certificates issued by its subsidiary and the related prepayment consideration, (2) repurchase prior to maturity or repay at maturity SBA's outstanding 0.375% Senior Convertible Notes due 2010 and (3) repay a portion of the principal amount outstanding under the Optasite Credit Facility. Concurrently with the closing of the offering, Telecommunications intends to use cash on hand to repay the remaining amounts outstanding under the Optasite Credit Facility and terminate the facility and repay amounts outstanding under its Senior Credit Facility.
SBA Communications Corporation Reaffirms Q2 2009 Guidance
SBA Communications Corporation reaffirmed second quarter 2009 guidance and expects total revenues of $134.0-$138.0 million and adjusted EBITDA of $81.0-$83.0 million. According to Reuters Estimates, analysts on an average are expecting the Company to report EBITDA of $81.2 million on revenue of $136.5 million for the same period.
