Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 52

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 52
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 to pay related fees and expenses. Principal payments on the 2024 Term Loan will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $5.75 million. The Company incurred financing fees of approximately $19.4 million in relation to this transaction, which are being amortized through the maturity date.During the year ended December 31, 2024, the Company repaid an aggregate of $17.3 million of principal on the 2024 Term Loan. As of December 31, 2024, the 2024 Term Loan had a principal balance of $2.3 billion.2018 Term LoanThe 2018 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $2.4 billion that was set to mature on April 11, 2025. The 2018 Term Loan accrued interest, at SBA Senior Finance II’s election at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor). On January 25, 2024, the Company, through its wholly owned subsidiary, SBA Senior Finance II, retired the 2018 Term Loan. In connection with the repayment, the Company expensed $3.3 million of net deferred financing fees and $1.2 million of original issuance discount related to the debt.Secured Tower Revenue SecuritiesTower Revenue Securities TermsAs of December 31, 2024, the Company, through a New York common law trust (the “Trust”), had issued and outstanding an aggregate of $8.4 billion of Secured Tower Revenue Securities (“Tower Securities”). The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of certain of the Company’s subsidiaries that are borrowers on the mortgage loan (the “Borrowers”) under which there is a loan tranche for each Tower Security outstanding with the same interest rate and maturity date as the corresponding Tower Security. The mortgage loan will be paid from the operating cash flows from the aggregate 9,516 tower sites owned by the Borrowers as of December 31, 2024. The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and