SpectraSite gets agent bank okay on increasing leverage ratios, decreasing revolver commitments

By Sara Rosenberg

New York, May 8 - SpectraSite Communications Inc., a wholly-owned subsidiary of SpectraSite Inc., received approval from its agent banks on a proposed amendment to the credit facility that would decrease revolver commitments to $200 million from $300 million in exchange for an increase in leverage covenant ratios for future periods, according to a filing with the Securities and Exchange Commission.

The size of the revolver was scheduled to be reduced in quarterly installments beginning on June 30, 2004 and ending on June 30, 2007.

The revolver is part of a $1 billion credit facility, which also includes a $301.7 million multiple draw term loan that is fully drawn and which must be repaid in quarterly installments beginning on June 30, 2005 and ending on June 30, 2007 and a $405.3 million term loan that is fully drawn and which must be repaid in quarterly installments beginning on Sept. 30, 2007 and ending on Dec. 31, 2007.

As of March 31, the Cary, N.C. wireless tower operator had $707 million outstanding under the credit facility and the ability to borrow about $191 million under the revolver, while remaining in compliance with covenants.

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