CARY, N.C.-SpectraSite Holdings Inc. said SpectraSite Communications Inc. and its bank lenders have amended the company’s senior credit facility.
The amendment provides the company with greater flexibility as it seeks to restructure SpectraSite Holdings’ outstanding senior debt. Specifically, it provides an overall loosening of the facility’s covenants until Sept. 30; it allows for the sale of the company’s network services and broadcast divisions; it waives certain potential default events through Sept. 30; and it eliminates the requirement that SpectraSite Holdings not have a going concern qualification in its audited financial statements.
SpectraSite Communications will have $45.3 million in cash and will be able to borrow approximately $58.9 million under the revolving credit facility after the amendment. The company said the amendment gives it adequate financial resources and it anticipates no disruptions of its day-to-day operations.
