The former Pinnacle Holdings raises capital to consolidate and expand its stock of communications towers.
By Times Staff Writer
Published June 4, 2004
Global Signal Inc., a Sarasota company that owns and manages wireless communications towers, got a warm reception on Wall Street Thursday, raising $126-million in an initial public offering.
The company, which operates as a real estate investment trust, had been known as Pinnacle Holdings before it went through bankruptcy reorganization two years ago.
Global Signal sold 7-million shares at $18 each in Thursday's offering. The stock closed at $20.15 a share on the New York Stock Exchange, where it trades under the symbol GSL.
Raymond James & Associates of St. Petersburg was one of the managers of the offering, along with Morgan Stanley, Banc of America Securities LLC and Lehman Brothers Holdings Inc.
Global Signal owns more than 2,000 wireless communication towers. It plans to use the offering proceeds to repay debt and to acquire Tower Ventures, which owns 97 wireless communication towers.
