HostReview.com
Monday, January 26, 2004; 12:00 AM
RESTON, VA - XO Communications, Inc. (OTCBB: XOCM.OB), one of the nation’s
leading providers of broadband telecommunications services, today announced
that it has issued all of the 39.7 million shares of new common stock
from its highly successful rights offering that closed on January 6, 2004.
XO’s $200 million
rights offering of 40 million shares of common stock yielded approximately
$197.6 million in proceeds. All proceeds were used to reduce the company’s
outstanding debt from $536.5 million to $338.9 million.
“We are very
pleased with the tremendous success of the rights offering,” said
Carl Grivner, chief executive officer of XO Communications. “The
strong support shown by investors has generated proceeds that have allowed
us to reduce our debt to an even lower level.”
The rights offering
commenced on October 16, 2003 in accordance with the Company’s Chapter
11 plan of reorganization and concluded on January 6, 2004.
About XO Communications
XO Communications is a leading broadband telecommunications services provider
offering a complete set of telecommunications services, including: local
and long distance voice, Internet access, Virtual Private Networking (VPN),
Ethernet, Wavelength, Web Hosting and Integrated voice and data services.
XO has assembled
an unrivaled set of facilities-based broadband networks and Tier One Internet
peering relationships in the United States. XO currently offers facilities-based
broadband telecommunications services within and between more than 70
markets throughout the United States.
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For more
information contact:
Chad Couser/XO Communications
703-547-2746
chad.couser@xo.com
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