SpectraSite tenders for 8¼% notes

New York, July 11 - SpectraSite, Inc. said it has begun a cash tender offer for its $200 million of 8¼% senior notes due 2010.

The Cary, N.C., wireless tower operator is also soliciting consents to amend the note indenture to eliminate certain restrictive covenants.

The amount on offer in the tender will be fixed using the notes' first call date and a fixed spread of 50 basis points over the bid side yield on the 4.625% U.S. Treasury note due May 15, 2006. Pricing will be set at 2 p.m. ET on the day after the consent date, expected to be July 25.

Holders who tender by the consent deadline of 12 a.m. ET on July 22 will receive the total amount, including a consent payment of $30 per $1,000. Those who tender after that deadline but before the expiration at 5 p.m. ET on Aug. 8 will receive the total minus the consent payment.

Lehman Brothers Inc. is dealer manager and solicitation agent (call collect 212 528-7581 or 800 438-3242). Georgeson Shareholder Communications Inc. is information agent (call collect 212 440-9800 or 888 264-6999).

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