This excerpt taken from the SBAC 8-K filed Mar 26, 2007.
Item 3.02 Unregistered Sale of Equity Securities.
The information set forth under Item 1.01 is incorporated by reference herein.
The Company offered and sold the Notes and sold warrants to the Initial Purchasers pursuant to an exemption from registration under Rule 144A of the Securities Act of 1933, as amended (the Securities Act). The Initial Purchasers have agreed to re-sell the Notes to qualified institutional buyers in accordance with Rule 144A under the Securities Act.