Subject: [NEXTEL-1] North America Sprint PCS Considers Tower Sale

From: Marcelrf <[email-masked]>
Date: Mon, 08 Mar 2004 07:34:54 -0500

Sprint PCS Considers Tower Sale
Rumors that Sprint PCS might sell its 6,000 wireless communications
towers to reduce debt are again circulating, according to a report from
Bloomberg. Reported by RCR  Wireless. See www.wirelessNOW.com for
additional details.

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Sprint PCS considers tower sale?
March 05 13:15:00, 2004

OVERLAND PARK, Kansas—Rumors that Sprint PCS might sell its 6,000
wireless communications towers to reduce debt
are again circulating, according to a report from Bloomberg.

The Bloomberg report said Sprint has hired Citigroup Inc. and Bank of
America Corp. to advise on the possible sale,
according to an unnamed source, who added the sale is not imminent and
the company may decide to keep the assets.

The Sprint tower portfolio, managed by the Sprint Sites USA division of
the company, counts 6,400 towers valued at
about $1.5 billion. Sprint Sites was not immediately available for
comment.

Potential buyers of the towers would include tower owners like American
Tower Corp. American Tower said earlier this
week at an analyst conference that it would opportunistically pursue
consolidation within the industry, but only if an
offering was reasonably priced, held reasonable risk and had the
potential to enhance the free cash flow.

Private tower firms, like AAT Communications and Global Tower Partners,
which have both rapidly acquired towers during
the past year, could also be considered potential buyers.

The resurgence of the rumor follows Sprint Corp.’s move earlier this
week to recombine its PCS and FON tracking stocks.
Beginning April 23, both divisions will trade under the FON symbol. At
press time, both stocks were trading up, with PCS
at $9.54 per share and FON at $19 per share.

http://rcrnews.com/cgi-bin/news.pl?newsId=17183

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