Item 1.01 Entry into a Material Definitive Agreement.
The 2021 Refinancing Amendment
On
The 2021 Refinancing Amendment increased the revolving credit commitments under
the revolving credit facility from
As amended, amounts borrowed under the revolving credit facility accrue interest, at the Borrower's election, at either (i) the Eurodollar Rate (as defined in the Credit Agreement) plus a margin that ranges from 1.125% to 1.500% or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin that ranges from 0.125% to 0.500%, in each case based on the Borrower's leverage ratio, reflecting a decrease of 0.25% to the upper limit of each respective margin range. Additionally, the 2021 Refinancing Amendment incorporates sustainability-linked mechanics into the Credit Agreement. Specifically, the applicable interest and commitment fee rates are subject to upward or downward adjustments of up to 0.05% and 0.01%, respectively, based upon the achievement of specified sustainability-linked targets related to tower lighting.
The 2021 Refinancing Amendment modified various definitions, financial ratio calculations and negative covenants in the Credit Agreement to reflect the increased size and scope of the revolving credit facility. All other material terms of the Credit Agreement, as amended, remain unchanged.
Relationships
Certain of the lenders and their affiliates have engaged, and may in the future engage, in investment banking, commercial banking and other financial advisory and commercial dealings with SBAC and its affiliates.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.7C 2021 Refinancing Amendment, dated as ofJuly 7, 2021 , amongSBA Senior Finance II LLC , as borrower, the banks and other financial institutions or entities party hereto as refinancing revolving lenders, continuing term lenders, additional term lenders or incremental amended term lenders andToronto Dominion (Texas) LLC , as administrative agent and issuing lender. 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).
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