Subject: [NEXTEL-1] SpectraSite Emerges from Pre-Arranged Chapter 11 Restructuring

From: Marcel <[email-masked]>
Date: Mon, 10 Feb 2003 19:03:10 -0500

SpectraSite Emerges from Pre-Arranged Chapter 11 Restructuring and
       Completes Tower Transaction with Cingular

Story Filed: Monday, February 10, 2003 2:45 PM EST

CARY, N.C., Feb 10, 2003 (BUSINESS WIRE) -- SpectraSite, Inc., one of the largest wireless
tower operators in the
United States, announced that its Pre-Arranged Chapter 11 Plan of Reorganization went into
effect today.

The Plan of Reorganization had been confirmed by the United States Bankruptcy Court for
the Eastern District of North
Carolina on January 28, 2003.

The Company also announced that its SpectraSite Communications subsidiary closed the
previously announced sale of its
interest in 545 towers located in California and Nevada to Cingular. Net proceeds from the
sale were $73.5 million and will be
used to repay a portion of the indebtedness outstanding under SpectraSite Communications'
senior credit facility.

As part of the Plan of Reorganization, the Company's legal name has changed from
SpectraSite Holdings, Inc., to SpectraSite,
Inc.

Under the Plan of Reorganization, the Company will issue 23.75 million shares of new
common stock. Of this amount, 162,915
shares will be reserved for disputed unsecured claims. The remainder will be distributed
to the holders of the Company's old
senior notes, senior discount notes and senior convertible notes. To the extent that the
reserved shares are not used to satisfy
the disputed unsecured claims, they will also be distributed to holders of the Company's
old notes at a later time.

Holders of the Company's old senior notes, senior discount notes and senior convertible
notes will receive new common stock
at the following rates by way of a mandatory exchange:

                                                      Shares of New
                                                       Common Stock
      Series                          CUSIP           Per $1,000 Face
                                                      Amount of Notes

10.75% Senior Notes                  84760T-AH-3         14.335445

12.50% Senior Notes                  84760T-AN-0         14.212825

12.00% Senior Discount Notes         84760T-AB-6         12.381503

11.25% Senior Discount Notes         84760T-AE-0         11.458335

12.875% Senior Discount Notes        84760T-AJ-9         10.002228

6.75% Senior Convertible Notes       84760T-AK-6         13.828240

Also under the Plan of Reorganization, the Company will issue warrants to purchase 1.25
million shares of new common stock
to holders of the Company's old common stock. Holders of old common stock will receive a
warrant to purchase one share of
new common stock for every 132.9266 shares of old common stock that they owned as of
February 10, 2003. The warrants
will have an exercise price of $32 per share and will expire on February 10, 2010. A
Letter of Transmittal and instructions from
the Company's agent will be sent in the next few days to persons who hold certificates
representing old common stock
regarding the return of their old common stock certificates in exchange for certificates
representing warrants. Persons who hold
old common stock through book-entry accounts will receive warrants in book-entry form on
or about February 11, 2003.

Today is the last day of trading for the old common stock and the old notes. Under the
Plan of Reorganization, the old common
stock and the old notes will be deemed cancelled and of no further force and effect. The
new common stock and warrants are
expected to be available for trading on February 11, 2003. The new common stock has been
assigned the ticker symbol
SPCSV. The warrants have been assigned the ticker symbol SPSWV. The new common stock and
warrants will initially trade
on a when-issued basis. The extent to which an active trading market develops is dependent
upon the interest of holders and
market makers in trading activity.

The Plan of Reorganization involves only the publicly held debt and equity securities of
SpectraSite, Inc., a holding company
without any business operations of its own. The Company's other creditors and its assets,
strategy and ongoing operations were
not affected by the Chapter 11 filing. The Company's subsidiaries, which are independent
legal entities that generate their own
cash flow and have access to their own credit facilities, have continued to operate
normally during the Chapter 11 process.

Further information concerning the Plan of Reorganization and the Chapter 11 process can
be found on the Company's website
at www.spectrasite.com.

About SpectraSite, Inc.

SpectraSite, Inc. ( www.spectrasite.com), based in Cary, North Carolina, is one of the
largest wireless tower operators in
the United States. At September 30, 2002, SpectraSite owned or managed approximately
20,000 sites, including 7,999
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.

http://library.northernlight.com/FE20030210180000036.html?cb=0&dx=1006&sc=0#doc

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/