Global Signal is moving full-speed ahead with its planned initial public offering, pricing its available shares at $30.70 each. The offer is expected to close on May 9.
As part of the offering, Global Signal is making 5.76 million shares of common stock available for purchase. The company also is giving its underwriters the option to purchase 575,000 additional common stock shares to cover over-allotments.
Morgan Stanley and Banc of America Securities are acting as representatives for the underwriters, Global Signal said.
Global Signal has been busy as of late snapping up wireless towers. Last month the company said it would plunk down $30 million to acquire 172 towers from ForeSite. The majority of the towers involved in that purchase are located in Alabama, Georgia, Mississippi and Louisiana.
In March, Global Signal snapped up 169 wireless towers from Triton PCS for $55.1 million. In February, Global Signal announced a $1.2 billion deal, giving the company exclusive rights to operate or lease more than 6,600 Sprint towers.
Earlier this week, Global Signal announced it had reversed a year-ago loss, reporting earnings of $3.9 million, or 7 cents per share, in the first quarter of 2005. In the same period a year ago, the company posted a net loss of $6.6 million, or 16 cents per share. Revenue increased to $54.4 million from $43.1 million.