BOCA RATON, Fla., July 15, 2013 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA") today announced that it has entered into a definitive agreement with Oi SA ("Oi"), one of Brazil's largest telecommunications service providers, and its affiliates, under which SBA will have exclusive use rights for 2,113 towers in Brazil which Oi currently occupies pursuant to a fixed wireline concession granted by the Brazilian federal government. Upon closing of the transaction, Oi will enter into a long-term lease with SBA, with monthly lease payments, for antenna space on each of these towers. In exchange, SBA will assume all responsibility of operating and maintaining the towers and will have the right to lease space on the towers to other telecommunications service providers. The towers currently have 1.15 tenants per tower and include leases with all of the major wireless carriers in Brazil. The transaction, subject to customary closing conditions, is expected to close by year-end 2013. The consideration to be paid by SBA will be approximately R$686.7 million (or approximately USD$302.6 million at current exchange rates). SBA expects to fund the purchase price from cash on hand and from borrowings under its currently undrawn USD$770 million revolving credit facility. SBA anticipates that the towers will contribute R$73.5 million (USD$32.4 million) of revenue and R$67.3 million (USD$29.6 million) of tower cash flow for full-year 2014. SBA anticipates that the transaction, upon closing, will be immediately accretive to AFFO per share. Including this transaction, SBA owns or is under agreement to acquire direct ownership or use rights with respect to over 3,000 towers in Brazil. Information Concerning Forward-Looking Statements This press release includes forward-looking statements, including statements regarding (1) the anticipated successful consummation of the transaction with Oi, including the timing of such consummation and (2) the Company's expectations regarding the revenue and tower cash flow that the towers will generate in 2014 and the accretive impact of the transaction to the Company's AFFO per share post-closing. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's annual report on Form 10-K filed with the Commission on February 27, 2013. The Company wishes to caution readers that certain important factors may cause actual results to differ materially from those expressed in any of these forward-looking statements. With respect to the Company's expectations regarding the ability to close the transaction with Oi and the timing of such closing, these factors include (i) obtaining required Brazilian regulatory approval, (ii) the ability and willingness of each party to fulfill their respective closing conditions and (iii) the availability of cash on hand or borrowing capacity under the senior credit facility. With respect to the Company's expectations regarding the future financial performance of the towers and the accretive impact of the transaction, these risk factors include (1) the Company's ability to successfully integrate the towers, (2) the Company's ability to enter into additional leases with other telecommunications service providers to collocate onto these towers, (3) the foreign exchange rate in effect at such time, (4) the Company's ability to accurately estimate the future financial performance of the towers based on the diligence conducted prior to the execution of the agreement and (5) those factors that impact the growth of the tower industry in general, which are set forth in the Company's SEC Filings.