SPECTRASITE THROWS TOWERS BACK TO CINGULAR WIRELESS

摘要

Tower owner SpectraSite agreed last week to transfer its interest in 545 towers to Cingular Wireless and cut back plans to sublease towers from SBC Communications. As a result, the company will receive $350 million in cash from private equity firm Welsh Carson Anderson & Stowe, which has a 22% interest in SpectraSite. SpectraSite will use the funding to buy back some of its debt and refinance part of its senior credit facility. The deal had not been finalized at press time.