SpectraSite to repay bank debt using securitization proceeds

By Sara Rosenberg

New York, April 23 - SpectraSite Communications, LLC plans to repay about $755 million outstanding under its senior secured credit facility using proceeds from a securitization being completed by parent company, American Tower Corp., according to a news release.

The American Tower securitization is expected to involve an offering, in a private transaction, of up to $1.75 billion of Commercial Mortgage Pass-Through Certificates.

Remaining proceeds from the securitization will be used to repurchase via a tender offer about $325 million of American Tower Inc.'s 7¼% senior subordinated notes due 2011.

American Tower is a Boston-based independent owner, operator and developer of broadcast and wireless communications sites.

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