SBA Communications Corporation Announces $300 Million Financing Commitment

Apr 26, 2001, 01:00 ET from SBA Communications Corporation

    BOCA RATON, Fla., April 26 /PRNewswire/ -- SBA Communications Corporation
 (Nasdaq: SBAC) today announced that its wholly-owned subsidiary, SBA
 Telecommunications, Inc., has received a commitment for a $300 million senior
 secured credit facility.  The credit facility will be underwritten by Lehman
 Commercial Paper Inc., Barclays Bank PLC, Bankers Trust Company, Citibank,
 N.A. and Toronto Dominion (Texas), Inc.  The credit facility will be used to
 provide financing for SBA's new tower builds, tower acquisitions, related
 activities and for general corporate purposes.  The credit facility is subject
 to a number of customary closing conditions and is expected to close by
 June 30, 2001.
     "We are very pleased with SBA's continued ability to access capital,
 particularly during these difficult times in the capital markets," stated
 Jeffrey A. Stoops, SBA's President.  "The proceeds from the senior credit
 facility, together with our other resources, are expected to fund our current
 capital expenditure plans through the end of 2002.  We believe there will be a
 number of attractive investment opportunities which will arise in this capital
 markets environment, and the new facility will provide us with plenty of
 flexibility and resources should we choose to pursue those opportunities."
     SBA is a leading independent owner and operator of wireless communications
 infrastructure in the United States.  SBA's primary focus is the construction
 of new towers and acquisition of existing towers for its own account.  Since
 it was founded in 1989, SBA has participated in the development of over 15,000
 antenna sites in the United States.
     For additional information, please contact Pamela J. Kline, Vice
 President, Investor Relations, at 561-995-7670.
 
     Information Concerning Forward-Looking Statements
     This release contains forward-looking statements, including statements
 regarding the proposed closing date for the proposed credit facility and the
 sufficiency of the Company's resources to fund its 2002 plan.  These forward-
 looking statements may be affected by the risks and uncertainties in the
 Company's business.  This information is qualified in its entirety by
 cautionary statements and risk factors disclosure contained in the Company's
 Securities and Exchange Commission filings, including its Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company wishes to caution
 readers that certain important factors may have affected and could in the
 future affect the Company's actual results and could cause the Company's
 actual results for subsequent periods to differ materially from those
 expressed in any forward-looking statement made by or on behalf of the
 Company.  With respect to the proposed credit facility, a number of factors,
 including without limitation, general economic and capital markets conditions,
 the Company's ongoing financial condition and results of operations, and the
 lack of definitive documentation may affect the timing of consummation of the
 facility or whether such facility is ever finalized (of which there can be no
 assurance).
 
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SOURCE SBA Communications Corporation
    BOCA RATON, Fla., April 26 /PRNewswire/ -- SBA Communications Corporation
 (Nasdaq: SBAC) today announced that its wholly-owned subsidiary, SBA
 Telecommunications, Inc., has received a commitment for a $300 million senior
 secured credit facility.  The credit facility will be underwritten by Lehman
 Commercial Paper Inc., Barclays Bank PLC, Bankers Trust Company, Citibank,
 N.A. and Toronto Dominion (Texas), Inc.  The credit facility will be used to
 provide financing for SBA's new tower builds, tower acquisitions, related
 activities and for general corporate purposes.  The credit facility is subject
 to a number of customary closing conditions and is expected to close by
 June 30, 2001.
     "We are very pleased with SBA's continued ability to access capital,
 particularly during these difficult times in the capital markets," stated
 Jeffrey A. Stoops, SBA's President.  "The proceeds from the senior credit
 facility, together with our other resources, are expected to fund our current
 capital expenditure plans through the end of 2002.  We believe there will be a
 number of attractive investment opportunities which will arise in this capital
 markets environment, and the new facility will provide us with plenty of
 flexibility and resources should we choose to pursue those opportunities."
     SBA is a leading independent owner and operator of wireless communications
 infrastructure in the United States.  SBA's primary focus is the construction
 of new towers and acquisition of existing towers for its own account.  Since
 it was founded in 1989, SBA has participated in the development of over 15,000
 antenna sites in the United States.
     For additional information, please contact Pamela J. Kline, Vice
 President, Investor Relations, at 561-995-7670.
 
     Information Concerning Forward-Looking Statements
     This release contains forward-looking statements, including statements
 regarding the proposed closing date for the proposed credit facility and the
 sufficiency of the Company's resources to fund its 2002 plan.  These forward-
 looking statements may be affected by the risks and uncertainties in the
 Company's business.  This information is qualified in its entirety by
 cautionary statements and risk factors disclosure contained in the Company's
 Securities and Exchange Commission filings, including its Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company wishes to caution
 readers that certain important factors may have affected and could in the
 future affect the Company's actual results and could cause the Company's
 actual results for subsequent periods to differ materially from those
 expressed in any forward-looking statement made by or on behalf of the
 Company.  With respect to the proposed credit facility, a number of factors,
 including without limitation, general economic and capital markets conditions,
 the Company's ongoing financial condition and results of operations, and the
 lack of definitive documentation may affect the timing of consummation of the
 facility or whether such facility is ever finalized (of which there can be no
 assurance).
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97482555
 
 SOURCE  SBA Communications Corporation