SpectraSite $900 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Oct. 18 - SpectraSite Communications Inc. is scheduled to hold a bank meeting Wednesday for its proposed $900 million senior secured credit facility, according to a market source.

TD Securities and Citigroup are the lead banks on the deal, with TD listed on the left.

The facility consists of a $400 million term loan B, a $200 million revolving credit facility and a $300 million delayed-draw term loan, the source said.

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

Proceeds will be used to refinance the company's existing credit facility and for general corporate purposes, including acquisitions and financing distributions to its shareholders.

The existing facility has outstanding borrowings of about $439 million.

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

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