SpectraSite $150 million seven-year notes talked at 8¼%-8½%, pricing Friday

By Paul A. Harris

St. Louis, May 15 - Official price talk is 8¼%-8½% on SpectraSite Inc.'s upcoming offering of $150 million seven-year senior notes (B3), according to a syndicate source.

The deal is expected to price on Friday, the source added.

Lehman Brothers and Citigroup are joint bookrunners.

The Rule 144A notes will be non-callable for three years.

Proceeds will be used to repay bank debt.

The issuer is a Cary, N.C.-based communications tower operator.

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