SBA COMMUNICATIONS CORP SEC Filings

SBAC reported a planned sale of common stock under Form 144. A broker, Morgan Stanley Smith Barney LLC Executive Financial Services, is listed to sell 300 shares of SBAC common stock on NASDAQ, with an aggregate market value of $54,802.35 as of 08/17/2026.

The shares relate to restricted stock vesting under a registered plan on 05/01/2025, and were granted as compensation for services rendered. This is a disclosure of a potential resale of already‑issued shares, not a new share issuance by the company.

SBA Communications Corporation reported total revenues of $715,274 for the three months ended June 30, 2026, up from $698,981 in 2025, driven by higher site leasing revenue. Operating income rose to $351,861, but net income attributable to the company declined to $198,777 versus $225,794, as total other expense, net, increased to ($119,396).

For the six-month period, revenues grew to $1,418,712 from $1,363,229, while net income attributable to SBA Communications decreased to $383,611 from $446,525, and diluted EPS fell to $3.61. Cash, cash equivalents, and restricted cash were $360,759 at June 30, 2026; long-term debt, net, was $9,150,666 with current maturities of long-term debt at $3,578,556. Net cash provided by operating activities was $662,263, funding $172,284 of tower and land acquisitions and supporting reduced net cash outflows from financing.

SBA Communications EVP – Site Leasing Donald Day reported equity compensation activity involving Class A Common Stock. On August 1, 2026, 457 restricted stock units were exercised into 457 shares, and 170.689 shares were withheld at $180.98 per share to satisfy tax liabilities. The filing’s Rule 10b5-1 checkbox was not marked, and Day continues to hold multiple restricted stock unit and performance restricted stock unit awards subject to future vesting and performance conditions.

SBA Communications reported second quarter 2026 total revenues of $715.3 million, up from $699.0 million a year earlier. Site leasing revenue rose to $663.9 million, a 5.1% increase, while site development revenue declined 23.5% to $51.4 million. Net income was $196.5 million and diluted EPS was $1.87, down 12.9% and 10.7%, respectively. Adjusted EBITDA edged up 1.8% to $483.8 million, and AFFO was $324.4 million or $3.05 per share.

International site leasing remained a growth driver, with revenue up 30.5% to $211.4 million, while domestic site leasing revenue was $452.5 million. Tower Cash Flow was $524.9 million with a margin of 79.5%. SBA acquired 6 sites for $10.5 million, built 109 towers, and ended June 30, 2026 owning or operating 46,390 sites.

The company ended the quarter with $12.8 billion of total debt, $12.4 billion of Net Debt, and a Net Debt to Annualized Adjusted EBITDA ratio of 6.4x, within its 6.0x–7.0x target range. After quarter end it issued $3.5 billion of senior unsecured notes and put in place a new $2.5 billion unsecured revolving credit facility. For full year 2026, SBA guides to site leasing revenue of $2.651–2.676 billion, Adjusted EBITDA of $1.920–1.940 billion, and AFFO of $1.270–1.318 billion or $11.95–12.40 per share. The board declared a quarterly cash dividend of $1.25 per share, payable September 17, 2026.

SBA Communications Corporation completed a major refinancing of its capital structure. It closed a public offering of $1.35 billion 4.875% Senior Notes due 2030, $1.35 billion 5.150% Senior Notes due 2031, and $800.0 million 5.450% Senior Notes due 2033. Net proceeds were used to repay in full a senior secured term loan scheduled to mature on January 25, 2031 and all outstanding borrowings under a senior secured revolving credit facility scheduled to mature on January 25, 2029, with any remaining proceeds earmarked for general corporate purposes.

The new Notes are senior unsecured obligations of SBA Communications, structurally subordinated to liabilities of its operating subsidiaries, and include change-of-control put rights at 101% of principal and various optional redemption features tied to Treasury rates and Par Call Dates. Concurrently, the company entered into a new senior unsecured credit agreement providing a $2.5 billion revolving credit facility maturing July 23, 2031. Borrowings bear interest at benchmark rates plus margins that vary with credit ratings, and the agreement includes leverage covenants requiring a Consolidated Total Net Leverage Ratio not above 7.50 to 1.00 (up to 8.00 to 1.00 after certain acquisitions) and a Consolidated Senior Secured Leverage Ratio not above 3.50 to 1.00.

SBA Communications completed an offering of three series of senior notes under its automatic shelf registration statement on Form S-3. The company issued $1,350,000,000 of 4.875% Senior Notes due 2030, $1,350,000,000 of 5.150% Senior Notes due 2031, and $800,000,000 of 5.450% Senior Notes due 2033.

A current report provides the legal opinion of Greenberg Traurig, P.A. on the legality of the issuance and sale of these notes as Exhibit 5.1, together with the related consent and an Inline XBRL cover page data file.

SBA Communications Corporation is issuing $3,500,000,000 of senior unsecured notes in three tranches: 4.875% notes due 2030, 5.150% notes due 2031, and 5.450% notes due 2033, with interest paid semi-annually each January 15 and July 15 starting January 15, 2027.

SBA expects to raise about $3.45 billion in net proceeds, primarily to repay in full its 2024 Term Loan and all outstanding borrowings under its Revolving Credit Facility, with any remainder for general corporate purposes. Concurrently, SBA plans to replace its existing senior credit agreement with a new $2.5 billion unsecured revolving credit facility maturing July 23, 2031. The notes rank equally with SBA’s other senior unsecured debt, are not guaranteed by subsidiaries and are structurally subordinated to subsidiary liabilities. Holders have a right to require repurchase at 101% upon a Change of Control Triggering Event, and SBA may redeem the notes early at specified make-whole or par prices.

On July 14, 2026, SBA Communications Corporation agreed to issue and sell $1,350,000,000 of 4.875% Senior Notes due 2030, $1,350,000,000 of 5.150% Senior Notes due 2031 and $800,000,000 of 5.450% Senior Notes due 2033 in a registered public offering under its shelf registration statement on Form S-3.

The company intends to use the net proceeds to repay in full its senior secured term loan maturing on January 25, 2031 and to repay in full outstanding borrowings under its senior secured revolving credit facility maturing on January 25, 2029. Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC act as representatives for the several underwriters, with whom SBA has existing commercial and financing relationships.

SBA Communications Corporation is issuing new senior unsecured notes maturing in 2030, 2031 and 2033 under an existing shelf registration. These notes rank equally with SBA’s other senior unsecured debt, including its 3.875% notes due 2027 and 3.125% notes due 2029, and are structurally subordinated to all liabilities of its subsidiaries, which will not guarantee the notes.

SBA plans to use the net proceeds to repay its 2024 Term Loan, which had an outstanding principal balance of $2.254 billion as of March 31, 2026, and to repay partially or fully outstanding borrowings under its Revolving Credit Facility, which had $1.285 billion outstanding on the same date. Any remaining proceeds are earmarked for general corporate purposes.

Concurrently with closing, SBA expects to terminate its existing Senior Credit Agreement and enter into a new senior unsecured revolving credit facility of up to $2.5 billion, maturing in 2031. The company highlights significant existing indebtedness, covenant and structural subordination risks, and a requirement to offer to repurchase the notes at 101% upon certain Change of Control Triggering Events.