SpectraSite Seeks Second Price Cut

CIBC World Markets is in the market with a second repricing for SpectraSite's $252 million "B" loan that will take pricing from LIBOR plus 3% to LIBOR plus 21/4%.

  • 30 Jan 2004
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CIBC World Markets is in the market with a second repricing for SpectraSite's $252 million "B" loan that will take pricing from LIBOR plus 3% to LIBOR plus 21/4%. CIBC and Credit Suisse First Boston came out with an amendment in November that cut the pricing 100 basis points from LIBOR plus 4% (LMW, 10/6).

"We became aware of some others that had gone out at the same rate who were leveraged higher than we were," said David Tomick, executive v.p. and cfo. "If someone with higher leverage than us could get this kind of rate, then we would do the same." Tomick declined to comment on which companies he was referring to, but said they are "in the telecom world." SpectraSite builds, leases and manages signal towers. The company emerged from bankruptcy in 2003.

  • 30 Jan 2004

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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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