Research Update: SBA Communications Corp. Subsidiary's Proposed Term Loan B Assigned 'BB' Rating (Recovery Rating: 1) Jun 11
- ID: 1824589
- June 2011
- Standard & Poors
A subsidiary of U.S. wireless tower operator SBA Communications Corp. is planning to issue a $500 million term loan B, using the proceeds to repay borrowings under its revolving credit facility and for general corporate purposes. We are assigning a 'BB' issue-level rating to the proposed term loan B, with a '1' recovery rating. With the addition of $500 million of secured debt, we are lowering our issue-level rating on subsidiary SBA Telecommunications Inc.'s senior unsecured debt to 'B+' from 'BB-', revising the recovery rating to '4' from '2'. We are also affirming our 'B+' corporate credit rating on the company. The stable outlook incorporates the view that, given the company's very high debt to EBITDA of 9.5x as of...
Companies mentioned in this report are: SBA Communications Corp.,SBA Telecommunications Inc.,SBA Senior Finance II LLC
Action: New Rating
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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