NEW YORK-Tower company SpectraSite Holdings Inc. has defaulted on $200 million of bonds originally due Sept. 15 and now past a 30-day grace period.The company began negotiations last month regarding financial restructuring and told RCR Wireless News that a Chapter 11 filing was a...
BOSTON-Attempting to squelch rumors it will run out of cash, American Tower Corp. reaffirmed its total revenues for third quarter 2002.American Tower expects to report tower revenues in the range of $140 million to $144 million and tower cash flow between $85 million and...
NEW YORK-Moody's Investors Service has assigned a speculative grade liquidity rating of SGL-3 to tower owner and operator Crown Castle International Corp.Moody's said that the company has "ample cash position and comfortable convenant cushion on its two U.S. credit facilities," but added that the...
CARY, N.C.-Tower operator SpectraSite Holding Inc. announced several new appointments to its board of directors.Stephen Clark, chief executive officer and founder of SpectraSite Holding Inc. will serve as chairman of the board; Timothy Blitz, chief operating officer and David Tomick, chief financial officer will...
CARY, N.C.-Wireless tower operator SpectraSite Holdings Inc. announced Thursday afternoon it has sold its interest in Concourse Communications Group L.L.C., which develops shared wireless tenant infrastructure systems in U.S. airports. SpectraSite has its own in-building wireless division that is capable of providing services...
CARY, N.C.-SpectraSite Holdings Inc. announced that the Nasdaq Stock Market has approved its request to transfer its common stock to the Nasdaq SmallCap Market effective today.The company's common stock will continue trading under the symbol "SITE." SpectraSite requested the transfer to the Nasdaq SmallCap...
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...
STOCKHOLM, Sweden-Allgon Telecom Ltd. announced Magnus Friberg has been made president, responsible for day-to-day operations, including sales, marketing and operations. Friberg rejoins Allgon, having served as vice president of sales for five years at Allgon. He most recently served as an executive at Flextronics...
CARY, N.C.—SpectraSite Holdings Inc. late Wednesday amended offers to purchase a portion of its outstanding senior notes to reduce the minimum tender condition by half, to $150 million. The company was previously required to receive tenders for notes with a minimum aggregate purchase price...
CARY, N.C.—SpectraSite Holdings Inc. is terminating its build-to-suit contract with Cingular Wireless and transferring its sublease agreements in 545 SBC Communications Inc. towers to Cingular, as well as modifying its agreement with SBC to reduce its future sublease agreements by 187 towers to 707...
NEW YORK—Standard & Poor's revised its outlook for SpectraSite Holdings Inc. to negative from stable due to the tower company's dependence on external funding."The current economic environment increases the financial risk for all companies dependent on additional external capital to implement their business plans,"...
CARY, N.C.—SpectraSite Communications Inc. announced agreements with The Rouse Company and Westfield America Inc., both real estate development and management companies, whereby SpectraSite has the right to install in-building wireless communication systems in their portfolio of shopping centers.Under terms of its agreement with Rouse,...
CARY, N.C.—SpectraSite Holdings Inc. reported results for the fourth quarter and year ended Dec. 31. The company's revenues for the quarter totaled $131.3 million, compared with $103.4 million for fourth-quarter 2000.Revenues for the year totaled $473 million, compared with $346.9 million for 2000.SpectraSite reported...
NEW YORK—Moody's Investors Service down graded both SpectraSite Holdings Inc. and Pinnacle Holdings Inc.Moody's said it took the action because Pinnacle is unable to get longer-term covenant relief from its bank group, it severely lacks liquidity and its tenant base is eroding.In SpectraSite's case,...
SAN JUAN CAPISTRANO, Calif.—Shorecliff Communications and RCR Wireless News announced the finalists for the 2001 Excellence in Business Awards, scheduled to take place Oct. 30 at the 2001 Tower Summit and Trade Show at the Bally's Hotel in Las Vegas.The awards recognize leadership and...
NEW YORK-Stockholm-based Iquity Systems has established a U.S. headquarters near Wall Street to promote its Mobile Media Suite, which delivers recorded advertising messages to wireless customers interested in getting discounts on airtime in exchange for listening to 10-second promotional spots.The company, which has about...
Crown Castle International Corp., SpectraSite Holdings Inc. and SBA Communications Corp. reported positive revenues for the second quarter ended June 30, but they did not escape the current telecom shakedown unscathed.All three companies laid off employees and cut back on general expenses during the...
WAYNESBORO, Va.-NTELOS Inc. and Conestoga Enterprises Inc. reached a definitive merger deal that will create an integrated communications provider in the Mid-Atlantic region with 200,000 PCS subscribers and 175,000 local access telephone lines.NTELOS will pay stockholders of Conestoga a total of $335 million, or...
Tower companies tend to fall into a safe and cozy place in the hard driving, fast moving wireless machine, seemingly immune to the pitfalls that plague carriers and network equipment suppliers, pitfalls such as subscriber churn, microprocessor shortages and a crashing stock market that...
American Tower Corp. and SpectraSite Holdings Inc. reported positive operational results last week for the first quarter ended March 31.American Tower said it constructed 375 new towers, acquired 238 wireless towers and one broadcast tower, and removed 175 sites from its active marketing list,...
NEW YORK-Lenders anted up significant capital during the first quarter for the five publicly traded wireless tower companies, even as their share prices declined amid the stock market's general concerns about telecommunications."At a time when companies like PSINet made announcements that their stock is...
SpectraSite Transco Communications SAS, the French subsidiary of SpectraSite Transco Communications Ltd., said it purchased 19 percent of the share capital of Paris-based telecommunications network deployment company Sofrer S.A.Financial terms of the deal were not disclosed.
Back in October, when the top brass of the tower industry converged in Las Vegas for the 2000 Tower Summit and Trade Show, the room buzzed with anticipation over the new opportunities third-generation technologies were expected to bring.Why should the tower industry care about...
WASHINGTON-As the Occupational Safety and Health Administration prepares to launch a new tower safety program aimed at curbing increased injuries and fatalities that have accompanied phenomenal wireless growth during the past decade, the agency is struggling with how to deal with a gaping loophole...
