SpectraSite receives consents to amend 8¼% notes, sets tender pricing

New York, July 25 - SpectraSite, Inc. said it has received the necessary consents to amend its $200 million of 8¼% senior notes due 2010 and added that it has set pricing in the tender offer.

By the consent deadline of 12 a.m. ET on July 22, the company had received consents for all the notes.

Pricing was fixed at 2 p.m. ET on July 25.

Holders who tendered by the consent deadline will receive $1,070.55 per $1,000 principal amount, including a $30.00 per $1,000 consent payment.

Payment for notes submitted by the consent deadline is expected to be made on July 26.

The Cary, N.C., wireless tower operator announced the cash tender offer on July 11 and said it was also soliciting consents to amend the note indenture to eliminate certain restrictive covenants.

The amount on offer in the tender was fixed using the notes' first call date and a fixed spread of 50 basis points over the bid side yield on the 4.625% U.S. Treasury note due May 15, 2006.

Holders who tender by the consent deadline of 12 a.m. ET on July 22 will receive the total amount, including a consent payment of $30.00 per $1,000. Those who tender after that deadline but before the expiration at 5 p.m. ET on Aug. 8 will receive the total minus the consent payment.

Lehman Brothers Inc. is dealer manager and solicitation agent (call collect 212 528-7581 or 800 438-3242). Georgeson Shareholder Communications Inc. is information agent (call collect 212 440-9800 or 888 264-6999).

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