SpectraSite Communications has lined up a new credit facility for $900 million and is increasing its stock buy-back plan.

The company (NYSE: SSI) said the new facility from TD Securities and Citigroup Global Markets will save it several million dollars a year.
The previous facility was worth $638 million.

SpectraSite said it anticipates using the facility for “general corporate purposes, including acquisitions and financing distributions to its stockholders.”

Also Monday, SpectraSite announced a $150 million repurchase of stock from Goldman, Sachs & Co and increased its repurchase plan to $300 million.

SpectraSite has repurchased some $182 million worth of shares since August.

Its shares traded at $56.66 in Monday trading.

SpectraSite: www.spectrasite.com