EXHIBIT 99.1
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CONTACTS: Tabitha Zane George Sard/Andrew Cole
SpectraSite Citigate Sard Verbinnen
919-466-5492 212-687-8080
tabitha.zane@spectrasite.com gsard@sardverb.com
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acole@sardverb.com
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SPECTRASITE DEBT TENDER OFFERS CONTINUE
NO RESTRAINING ORDER ISSUED IN BONDHOLDER SUIT
CARY, NC, JUNE 19, 2002 - SpectraSite Holdings, Inc. (NASDAQ: SITE) today
announced that it is continuing its debt tender offers scheduled to expire at
5:00 p.m. Eastern time today, June 19, 2002, unless extended. The Company
received notice on Monday, June 17, 2002 that certain holders of the Company's
outstanding Senior Notes and Senior Discount Notes commenced a lawsuit in the
United States District Court for the District of Delaware seeking, among other
things, to enjoin the Company from consummating its cash tender offers to
purchase a portion of its outstanding 10.75% Senior Notes due 2010, 12.50%
Senior Notes due 2010, 12.00% Senior Discount Notes due 2008, 11.25% Senior
Discount Notes due 2009 and 12.875% Senior Discount Notes due 2010
(collectively, the "Notes").
Yesterday, the presiding judge in the case issued an order stating that the
Court would not consider the Plaintiffs' request for a temporary restraining
order prior to the currently scheduled expiration time of the tender offers.
Accordingly, SpectraSite has advised the Court that it will proceed with the
tender offers and intends to close the tender offers as soon as it believes that
all of the conditions to the tender offers have been satisfied or waived.
ABOUT SPECTRASITE COMMUNICATIONS, INC.
SpectraSite Communications, Inc. (www.spectrasite.com), based in Cary, North
Carolina, is one of the largest wireless tower operators in the United States.
The Company also is a leading provider of outsourced services to the wireless
communications and broadcast industries in the United States and Canada. At
March 31, 2002, SpectraSite owned or managed approximately 20,000 sites,
including 8,015 towers primarily in the top 100 markets in the United States.
SpectraSite's customers are leading wireless communications providers and
broadcasters, including AT&T Wireless, ABC Television, Cingular, Nextel, Paxson
Communications, Sprint PCS, Verizon Wireless and Voicestream.
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SAFE HARBOR
THIS PRESS RELEASE AND ORAL STATEMENTS MADE FROM TIME TO TIME BY REPRESENTATIVES
OF THE COMPANY MAY CONTAIN "FORWARD-LOOKING STATEMENTS" CONCERNING SPECTRASITE'S
FUTURE EXPECTATIONS, FINANCIAL AND OPERATING PROJECTIONS, PLANS AND STRATEGIES,
IN PARTICULAR REGARDING THE FUNDING OF THE NEW TERM NOTES, THE CONSUMMATION OF
THE DEBT TENDER OFFERS, THE OUTCOME OF THE LITIGATION REFERRED TO IN THIS
RELEASE, AND THE IMPACT OF THESE AND RELATED TRANSACTIONS ON THE COMPANY AND ON
THE COMPANY'S EXPECTED REVENUE, EBITDA, CAPITAL EXPENDITURES AND CASH AND
NON-CASH CHARGES. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A NUMBER OF
RISKS AND UNCERTAINTIES. THE COMPANY WISHES TO CAUTION READERS THAT CERTAIN
FACTORS MAY IMPACT THE COMPANY'S ACTUAL RESULTS AND COULD CAUSE RESULTS FOR
SUBSEQUENT PERIODS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY
FORWARD-LOOKING STATEMENTS MADE BY OR ON BEHALF OF THE COMPANY. SUCH FACTORS
INCLUDE, BUT ARE NOT LIMITED TO (I) THE CLOSING CONDITIONS FOR EACH OF THE
TENDER OFFERS AND THE COMPANY'S RIGHT TO TERMINATE, MODIFY OR AMEND ANY TENDER
OFFER, (II) THE OUTCOME OF THE LITIGATION REFERRED TO IN THIS RELEASE, (III)
MARKET CONDITIONS AND THEIR IMPACT ON THE DEBT TENDER OFFERS, (IV) SPECTRASITE'S
SUBSTANTIAL CAPITAL REQUIREMENTS AND LEVERAGE, EVEN AFTER THE CONSUMMATION OF
THE TRANSACTIONS DESCRIBED IN THIS RELEASE, (V) THE COMPANY'S DEPENDENCE ON
DEMAND FOR WIRELESS COMMUNICATIONS AND RELATED INFRASTRUCTURE, (VI) COMPETITION
IN THE COMMUNICATIONS TOWER INDUSTRY, INCLUDING THE IMPACT OF TECHNOLOGICAL
DEVELOPMENTS AND (VII) FUTURE REGULATORY ACTIONS AND CONDITIONS IN ITS OPERATING
AREAS. THESE AND OTHER IMPORTANT FACTORS ARE DESCRIBED IN MORE DETAIL IN ITEM 1A
"RISK FACTORS" OF THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED
DECEMBER 31, 2001 AND IN THE COMPANY'S OTHER SEC FILINGS AND PUBLIC
ANNOUNCEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE FORWARD-LOOKING
STATEMENTS TO REFLECT SUBSEQUENTLY OCCURRING EVENTS OR CIRCUMSTANCES.
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