Madison River plans to use $200 million-plus from IPO to repay 13¼% notes

By Ted A. Knutson

Washington, Dec. 23 - Madison River Communications Corp. said it intends to use part of the proceeds of its estimated $345 million initial public offering of common stock to repay all its $198 million of 13¼% senior notes due 2010.

The notes are callable beginning March 1, 2005 at a price of 106.625%.

In addition to the principal amount of $198 million, Madison River expects to pay $13 million in premiums.

Lehman Brothers, Merrill Lynch & Co. and Goldman, Sachs & Co. are the IPO underwriters.

The Mebane, S.C.-based rural local telephone service provider made the announcement in an S-1 disclosure statement filed with the Securities and Exchange Commission.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.