BOCA RATON, Fla., Oct. 4, 2012 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA") today announced that SBA's 4.0% Convertible Senior Notes due 2014 (the "4.0% Notes") and SBA's 1.875% Convertible Senior Notes due 2013 (the "1.875% Notes") are convertible by holders of the notes. Pursuant to the terms of the Indentures that govern the 4.0% Notes and the 1.875% Notes, SBA has the right, from time to time, to elect to satisfy its conversion obligation under the 4.0% Notes and the 1.875% Notes in shares of SBA's Class A common stock, cash or a combination, and that election is effective until SBA provides notice of a different method of settlement. Upon issuance of both the 4.0% Notes and the 1.875% Notes, SBA elected to settle such notes in shares of SBA's Class A common stock and those elections are still in effect.
The conversion right for the 4.0% Notes has been triggered because SBA's Class A common stock closing price per share exceeded $39.49 for at least 20 trading days during the 30 consecutive trading day period ending on September 30, 2012. The 4.0% Notes will continue to be convertible until December 31, 2012, and may be convertible thereafter, if one or more of the conversion conditions specified in the Indenture, dated as of April 24, 2009, by and between SBA and U.S. Bank National Association is satisfied during future measurement periods. Pursuant to Section 10.01 of this Indenture, a holder who elects to convert the 4.0% Notes will receive 32.9164 shares of SBA's Class A common stock per $1,000 principal amount of notes. Pursuant to Section 10.02 of this Indenture, these shares will be delivered 50 trading days after the holder delivers its notice of conversion, unless a settlement period market disruption event (as defined in the Indenture) occurs during this period.
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