Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 58

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 58
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 terms of the Company’s Risk Retention Tower Securities that were repaid during the years ended December 31, 2024, 2023, and 2022:                               Security Issue Date  Amount Outstanding ‎(in millions)  Interest ‎ Rate (1)  Anticipated Repayment Date  Actual Repayment Date2018-1R Tower Securities Mar. 9, 2018  $33.7  4.949%  Mar. 9, 2023  Dec. 15, 2022 (1)Interest was paid monthly.

F-28Table of Contents

 To satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased the Risk Retention Tower Securities. Principal and interest payments made on the 2018-1R Tower Securities eliminated in consolidation.Debt CovenantsAs of December 31, 2024, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.Senior NotesIndentures Governing Senior NotesThe Indentures governing the Senior Notes contain customary covenants, subject to a number of exceptions and qualifications, including restrictions on the ability of SBAC and Telecommunications to (1) incur additional indebtedness unless the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio (as defined in the Indenture), pro forma for the additional indebtedness does not exceed, with respect to any fiscal quarter, 9.5x for SBAC, (2) merge, consolidate, or sell assets, (3) make restricted payments, including dividends or other distributions, (4) enter into transactions with affiliates, and (5) enter into sale and leaseback transactions and restrictions on the ability of the Restricted Subsidiaries of SBAC (as defined in the Indentures) to incur liens securing indebtedness.The table below sets forth the material terms of the Company’s outstanding senior notes as of December 31, 2024:                       Senior Notes (1) Issue Date Amount Outstanding‎(in millions) Interest Rate Coupon Maturity Date Interest Due Dates2020 Senior Notes Feb. 4, 2020 $1,500.0 3.875% Feb. 15, 2027 Feb. 15 & Aug. 152021 Senior Notes Jan. 29, 2021 $1