XO COMMUNICATIONS CLOSES $250 MILLION INVESTMENT FROM FORSTMANN LITTLE BUSINESS EDITORS/HI-TECH WRITERS RESTON, VA.--(BUSINESS WIRE)--JUNE 7, 2001--XO COMMUNICATIONS, INC. (NASDAQ:XOXO), ONE OF THE
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RESTON, Va.--(BUSINESS WIRE)--June 7, 2001--XO Communications,
Inc. (NASDAQ:XOXO.Q), one of the nation's fastest growing providers of
broadband communications services announced the closing of the
previously disclosed $250 million investment by Forstmann Little & Co.
in XO.
In conjunction with the investment, XO issued 50 million shares of
its class A common stock and amended the terms of the preferred stock
held by Forstmann Little to reduce the conversion price from $31.625
to $17.00 per share. As a result of the transaction, Forstmann Little
now owns approximately 22 percent of XO's fully diluted outstanding
shares. |
