SpectraSite seeks new credit facility to refinance existing debt

By Sara Rosenberg

New York, Oct. 15 - SpectraSite Communications Inc. is looking to get a new senior secured credit facility to refinance its existing loan and for general corporate purposes, including acquisitions and financing distributions to its shareholders, according to a company news release.

The existing senior secured credit facility currently has outstanding borrowings of about $439 million.

The company has received a commitment from a group of lenders for the full amount of the new facility in advance of efforts to syndicate the deal with a larger group of financial institutions, the release said.

Security is a pledge of substantially all the company's assets.

SpectraSite is a Cary, N.C.-based wireless tower operator.

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