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SBA's $300 Mil Debt Offering Rated B1

BOCA RATON, FL-Moody's Investors Services says its rating on locally based SBA Telecommunications Inc. reflects the company's modest capital structure and the significant tangible asset coverage available to the lenders.

By David R. Corder | Updated on May 29, 2001

BOCA RATON, FL-SBA Communications Inc. has earned praise from Moody’s Investors Service in an assessment of the company’s nearly $1.1 billion in debt and credit facilities.

The Boca Raton-based developer-operator of wireless communications towers earned a stable rating outlook from the New York-based bond-rating service as the subsidiary, SBA Telecommunication Inc., prepares to issue about $300 million in senior secured credit facilities.

While assigning a B1 rating on the pending issue, the bond-rater service confirmed B3 ratings on existing senior notes due 2009, payable at 10.25%, and senior discount notes due 2008, payable at 12%. The parent company earned an overall B2 senior-implied rating, which carries a rating outlook of stable.

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