SARASOTA, FL-Locally based Global Signal, one of the industry’s largest owners of wireless communications towers, plans to launch an initial public offering next week, hoping to raise $126 million and staunch the flow of first-quarter red ink, according to New York-based Dealogic, a global investment banking analyst.Formerly operating as Pinnacle Holdings Inc., Global Signal is asking underwriters Morgan Stanley, Banc of America Securities, Lehman Brothers and Raymond James to offer seven million shares at $16 to $18 each. Operating as a REIT, Global Signal reported a first-quarter net loss of $5.5 million and revenue of $44 million versus net income of $4.4 million and sales of $41.4 million in the comparable 2003 period, according to Dealogic. Under the Pinnacle banner, the company filed for protection from creditors under Chapter 11 of the US Bankruptcy Code in May 2002 and exited Chapter 11 in October 2002 under the Global Signal name. Pinnacle was formed in 1995 to acquire and manage wireless towers and other communications sites.New York-based Fortress Investment Holdings and Greenhill Capital Partners paid $404.8 million during the company’s reorganization period for an equity ownership in Global Signal. Fortress is the controlling stockholder, according to Dealogic. Robert Niehaus, a Greenhill managing director, is Global Signal’s vice chairman.As of March 31, Global Signal owned 2,199 towers and 251 other communications sites that it rents to providers of wireless communications services throughout the US.

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