Broadwing Corporation Announces Proposed Offering of Convertible Debentures
May 08 2006 - 4:00PM
Business Wire
Broadwing Corporation (NASDAQ:BWNG) today announced that it intends
to offer, subject to market and other conditions, up to $125.0
million of senior unsecured convertible debentures through an
offering to qualified institutional buyers pursuant to Rule 144A
and to certain persons in offshore transactions pursuant to
Regulation S under the Securities Act of 1933. The debentures are
expected to have a term of 20 years and would be convertible into
shares of Broadwing common stock at a price to be determined by
negotiations between Broadwing and the initial purchasers of the
debentures. The debentures will be guaranteed on a senior unsecured
basis by certain subsidiaries of Broadwing. The terms of the
offering are expected to include an option exercisable by the
initial purchasers to purchase up to an additional $25.0 million in
aggregate principal amount of debentures. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy securities. The offering is being made within the United States
only to qualified institutional buyers. The debentures and the
shares of common stock issuable upon conversion of the debentures
being offered have not been registered under the Securities Act of
1933 or state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements. About Broadwing Corporation
Broadwing Corporation, through its consolidated subsidiary
Broadwing Communications, LLC, delivers innovative data, voice, and
media solutions to enterprises and service providers. Enabled by
its one-of-a-kind, all-optical network and award-winning products
and services, Broadwing Communications provides communications
solutions with unparalleled customer focus and speed. For more
information, visit www.broadwing.com. Broadwing and its logo are
trademarks and/or service marks of Broadwing Communications, LLC,
and/or Broadwing Corporation. All trademarks and service marks not
belonging to Broadwing are the property of their respective owners.
Investor Note Regarding Forward-Looking Statements Statements in
this press release regarding Broadwing Corporation and/or Broadwing
Communications, LLC (collectively "Broadwing"), that are not
statements of historical fact may include forward-looking
statements, and statements regarding Broadwing's beliefs, plans,
expectations or intentions regarding the future are forward-looking
statements, within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. All such forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Broadwing's actual results could
differ materially from these statements.
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