Pinnacle Towers amends, restates $250 million credit facility

By Sara Rosenberg

New York, Oct. 21 - Pinnacle Towers Acquisition Holdings LLC amended and restated its credit facility due Oct. 1, 2005, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Pinnacle Towers appointed Morgan Stanley as administrative agent and collateral agent, increased the commitment to $250 million from $200 million, removed the $5 million working capital line and added Bank of America to the lending group, according to the filing.

Borrowings under the credit facility carry an interest rate of Libor plus 250 basis points.

The amendment and restatement closed on Oct. 15.

Pinnacle Towers is a subsidiary of Global Signal Inc., a Sarasota, Fla.-based owner of wireless towers and other communications sites.

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