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SARASOTA, Fla.-Pinnacle Holdings Inc., Sarasota, Fla., raised $369 million Jan. 18 in a secondary stock sale of 9 million shares priced at $41 each.
Deutsche Bank Alex. Brown was lead underwriter for the offering, and net proceeds will be used to pay down Pinnacle’s senior debt, thereby freeing up capital it may use for acquisitions.
Pinnacle will own or manage approximately 3,850 wireless communications cell and tower sites once all acquisitions now pending are completed.
