SBA COMMUNICATIONS CORP

$2.5bn committed across 1 active facility, next covenant test Sep 30, 2026. SBAC

Real Estate Investment Trusts

Recent changes

  1. Jul 24, 2026SBA COMMUNICATIONS CORP signs $2.5bn CREDIT AGREEMENT, matures Jul 2031SEC ↗

Net leverage: when the limit steps, and which way the company's ratio has been moving.

7.76x7.30x6.84x
Tested quarterly2.0%ratio 7.35x, estimated, vs 7.50x limit in force at Jun 30, 20267.50x
The Borrower will not permit the Consolidated Total Net Leverage Ratio as of the last day of any Test Period to exceed 7.50 to 1.00
Read the filing on sec.gov ↗
Tested quarterly8.1%ratio 7.35x, estimated, vs 8.00x limit in force at Jun 30, 20268.00x
for any such date occurring after a Qualified Acquisition and on or prior to the last day of the third full fiscal quarter of the Borrower after the consummation of such Qualified Acquisition, the Borrower will not permit the Consolidated Total Net Leverage Ratio as of such date to exceed 8.00 to 1.00
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured3.50x
The Borrower will not permit the Consolidated Senior Secured Leverage Ratio as of the last day of any Test Period to exceed 3.50 to 1.00
Read the filing on sec.gov ↗

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CREDIT AGREEMENT

Signed Jul 23, 2026

Committed
$2.5bn
Matures
Jul 2031
Agent
Wells Fargo Bank, National Association
TrancheSizeMaturesMargin
Revolving credit facility$2.5bnJul 203175–138 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level IA-/A- or higher75 bps8 bps
Level IIBBB+/BBB+88 bps10 bps
Level IIIBBB/BBB100 bps11 bps
Level IVBBB-/BBB-113 bps15 bps
Level VBB+/BB+ or lower138 bps20 bps

Lenders: Wells Fargo Securities, LLC, Citibank, N.A., Wells Fargo Bank, National Association, Barclays Bank PLC, Bank of America, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch

No amendments on file yet.

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