Exhibit 99.2
Trimaran Fund Invests $75 Million in SpectraSite Common Stock and Warrants
CARY, N.C., Aug. 28 /PRNewswire/ --
SpectraSite Holdings, Inc. (Nasdaq: SITE) today announced that Trimaran Fund
II, L.L.C. ("Trimaran") has agreed to purchase approximately 3.4 million
shares of the Company's common stock at $22.00 per share and will receive
warrants to purchase an additional 1.5 million shares at a price of $28.00 per
share.
Trimaran, a private equity fund with over $900 million in committed capital,
is managed by certain senior members of CIBC World Markets' Leveraged Finance
Group. Trimaran is the successor to CIBC's Merchant Funds, whose previous
investments included SpectraSite Holdings, Inc., Global Crossing Ltd., Seat
Pagine Gialle S.p.A. and Peterson Publishing.
About SpectraSite Communications, Inc.
SpectraSite Communications, Inc. (http://www.spectrasite.com), based in
Cary, North Carolina, is one of the leading providers of shared antennae sites
and outsourced network services to the wireless communications and broadcast
industries in the United States and Canada. SpectraSite's business includes
owning and leasing antennae sites on towers, owning and leasing in-building
wireless distribution systems, owning and managing rooftops, network planning
and deployment, and construction of towers and related wireless facilities.
SpectraSite owns or manages more than 15,000 sites, including 3,474 owned
towers, in 98 of the top 100 markets in the United States. Pro forma for all
pending transactions SpectraSite will own or manage more than 20,000 sites,
including nearly 9,000 towers. SpectraSite's customers are leading wireless
communications providers and broadcasters, including Nextel, Sprint PCS, AT&T
Wireless, Verizon, BellSouth, VoiceStream, Telecorp, Teligent, Winstar,
Metricom, Cox Broadcasting, Clear Channel Communications and Paxson
Communications.
This press release contains "forward-looking statements" concerning future
expectations, plans or strategies that involve a number of risks and
uncertainties. The Company wishes to caution readers that certain factors may
have affected the Company's actual results and could cause results for
subsequent periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company. Such factors
include, but are not limited to (i) substantial capital requirements and
leverage principally as a consequence of its ongoing acquisitions and
construction activities, (ii) dependence on demand for wireless communications,
(iii) the success of the Company's tower construction program and (iv) the
successful operational integration of the Company's business acquisitions. The
Company undertakes no obligation to update forward-looking statements to reflect
subsequently occurring events or circumstances.
Contact:
Noreen Allen Jeff Majtyka/Lenny Santiago
SpectraSite Communications Brainerd Communicators, Inc.
919-349-8992 212-986-6667
[email protected] [email protected] /
[email protected]
SOURCE SpectraSite Holdings, Inc.
Web Site: http://www.spectrasite.com
