UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
Date of Report October 14, 1999
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 333-50219 65-0716501
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(State or other jurisdiction of incorporation or organization) Commission File Number (I.R.S. Employer Identification No.)
One Town Center Road, Boca Raton, Florida 33486
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(Address of principal executive offices) (Zip code)
(561) 995-7670
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(Registrant's telephone number, including area code)
Item 5 Other Events
SBA Communications Corporation ("SBA") reported that in the
third quarter it increased its tower portfolio by 186 towers,
or 24%, to 956 towers. The number of towers added was a record
for the company, its second successive quarterly record for
towers added. Of the 186 towers added in the third quarter,
108 were newly-built and 78 were acquisitions of existing
towers. Included in the 78 towers acquired were 53 towers
acquired from Horizon Telecom on September 30, 1999. The 78
towers were acquired at an aggregate price of $27.5 million
representing a 15.6 times multiple of current tower cash flow.
At September 30, 1999, SBA was involved in projects for over
700 new tower builds throughout the nation and had agreements
to acquire 63 additional existing towers in 14 separate
transactions for an aggregate purchase price of $19.1 million,
representing a 13.1 times multiple of current cash flow. These
acquisitions are anticipated to close within the next six
months.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated October 12, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
October 14, 1999 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer