The Boca Raton-based developer-operator of wireless telecommunication tower sites expects to close by June 30 on a senior secured credit facility underwritten by Lehman Commercial Paper Inc., Barclays Bank, Bankers Trust Co., Citibank, and Toronto Dominion (Texas) Inc.
"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," Jeffrey A. Stoops, SBA president, says in a prepared statement.
"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,'' Stoops says.
In a shareholder's report issued prior to the announcement, the company also proposed an exchange offer on the $500 million in senior notes issued earlier this year. Those notes carry interest of 10¼% interest and are due to mature in 2009.
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