SARASOTA, Fla. (Dow Jones)--Global Signal Inc. (GSL) agreed to purchase wireless communications towers from Triton PCS Holdings Inc. (TPC) for about $55.1 million.
In a separate press releases Monday, the companies said Triton agreed to lease back the 169 towers for an initial monthly rate of $1,850 for each tower. The master lease agreement has an initial 10-year term and includes three five-year renewal options.
Global Signal also received an exclusive option to acquire 70 more towers from Triton, plus an option on all towers Triton may build during an unspecified one-year period.
Global Signal expects to acquire 169 Triton towers in North Carolina, South Carolina and Puerto Rico during the second half of 2005.
Triton PCS Holdings, Berwyn, Pa., said the costs associated with the leases were considered in its 2005 outlook.
Last Tuesday, Triton said it expected its 2005 adjusted earnings before interest, taxes, depreciation and amortization to come in significantly below previous estimates.
Company officials weren't immediately available Monday to elaborate on the guidance.
Triton will own about 70 wireless communications towers, after the sale of 169 towers.
-Eamon Beltran; Dow Jones Newswires; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires "
Posted to the site on 21st March 2005
Posted to: www.cellular-news.com/story/12359.php