NEW YORK-Moody’s Investors Service assigned a B3 rating to SpectraSite Holdings Inc. for its pending issue of senior notes and senior discount notes due 2010 with estimated gross proceeds of $400 million.
Moody’s also assigned a B3 rating to SpectraSite’s 12-percent senior discount notes due 2008 and a B3 rating to its 11.25-percent senior discount notes due 2009.
Moody’s commented that the ratings reflect SpectraSite’s current high leverage that is expected to remain elevated over the medium term as the company builds more towers to augment its portfolio, the company’s near-term construction plan and the uncertain timing of the lease-up of the available space on the company’s tower portfolio.
