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Eschelon Telecom to redeem $57.8 million 8 3/8% notes with IPO proceeds
New York, May 6 - Eschelon Telecom, Inc. said it plans to redeem $57.8 million principal amount of its senior secured notes due March 15, 2010 with part of the proceeds of its planned initial public offering of common stock.
The redemption will use $56.7 million of the proceeds, $50.6 million for the accreted value and a $6.1 million call premium. The figures assume a redemption date of Sept. 15.
Proceeds will also be used for general corporate purposes and to pay fees and expenses.
Eschelon, a Minneapolis-based provider of business telecommunications services, filed for the IPO offering in an S-1 registration statement with the Securities and Exchange Commission.
It plans to sell up to $86.25 million of common stock via bookrunner Lehman Brothers.
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