Item 1.01: Entry into a Material Definitive Agreement – SBA Communications entered into one or more material definitive agreements on or around July 23, 2026 Item 1.02: Termination of a Material Definitive Agreement – SBA Communications terminated one or more material definitive agreements on or around July 23, 2026 Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an…

Our analysis rates this filing CAUTIOUS. SBA Communications faces an ELEVATED concern level (6.8/10) driven by a material increase in debt burden with restrictive financial covenants, structural subordination of new notes, and significant refinancing risk over the next 4-5 years. The 7.50x Total Net…

Concern level: HIGH (6.8/10). Key factors: One high-severity risk identified: Increased Debt Burden and Leverage Ratios (severity 7/10) with tight covenant headroom of only 0.5-1.0x above expected operating leverage; Overall risk trend is INCREASING with risk score of 6.8/10; Structural subordination introduced: $3.5B in new senior unsecured notes are NOT guaranteed by operating subsidiary,…

Notable risk changes: MAJOR CAPITAL STRUCTURE CHANGE: Company refinanced $2.3B secured term loan and $2.0B secured revolver with $3.5B in unsecured senior notes (4.875%-5.450%) plus new $2.5B unsecured revolving credit facility. Net effect is increased total debt, shift to unsecured structure, and elevated leverage ratios with tight covenant headroom (7.50x Total Net Leverage).; STRUCTURAL SUBORDINATION INTRODUCED:…