Thread, Anyone home. It looks like the Nasdaq killed what would have been a good day today. In case anyone is wondering, ESPI has plenty of cash to survive for a long time. See below.
DH
Disclosure: in at 12 1/2.
e.spire Receives Additional $50 Million Funding
Commitment, for a Total of $175 Million in
Commitments
HERNDON, Va.--(BUSINESS WIRE)--Feb. 24, 2000--e.spire Communications, Inc. (NASDAQ: ESPI - news), the
communications company for the networked economy, announced today that it has signed a commitment letter with the
Honeywell International Inc. Master Retirement Trust, in cooperation with Allied Capital Management LLC, a subsidiary of
Honeywell International Inc., for $50 million of equity funding.
This commitment, together with the previously announced commitments of Greenwich Street Capital Partners II, L.P. (GSC
Partners) and the Huff Alternative Income Fund, L.P., bring to $175 million the total new equity financing commitments for the
Company.
William R. Huff, e.spire's Chairman, remarked, ``We are pleased with the commitment as we move the business forward. This
$175 million of financing and the associated additional financing available under the various credit facilities should dispel any
doubts about e.spire's ability to raise the capital needed to complete its business plan.' Mr. Huff continued, ``When I joined this
board late last year, I committed to providing e.spire with whatever resources it needs, financial or otherwise, to succeed. I
reaffirm that commitment today. We are excited about e.spire's prospects as it transitions from network construction to building
profitability in its core and other businesses.'
e.spire Communications, Inc. is a leading integrated communications provider, offering traditional local and long distance,
Internet access and Web-hosting services through its CyberGate subsidiary and nationwide advanced data solutions, such as
ATM and frame relay. In addition, e.spire's subsidiary, ACSI Network Technologies, Inc., provides third parties, including
other communications concerns, municipalities and corporations, with turnkey fiber-optic design, construction and project
management expertise. For information on e.spire, contact espire.net.
Certain statements regarding the development of the Company's businesses, the markets for the Company's services and
products, the Company's anticipated capital expenditures, anticipated EBITDA and other statements are forward-looking
statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) which can be identified as any
statement that does not relate strictly to historical or current facts.
Forward-looking statements use such words as plans, expects, will, will likely result, are expected to, will continue, is
anticipated, estimate, project, believes, anticipates, intends and expects, may, should, continue, seek, could and other similar
expressions.
Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its
expectations will be achieved.
The important factors that could cause actual results to differ materially from those in the forward-looking statements herein (the
``Cautionary Statements') include, without limitation, the Company's degree of financial leverage, risks associated with debt
service requirements and interest rate fluctuations, risks associated with acquisitions and the integration thereof, the impact of
restriction under the Company's financial instruments, dependence on availability of transmission facilities, regulation risks
including the impact of the Telecommunications Act of 1996, contingent liabilities, the impact of competitive services and
pricing, the ability of the Company to successfully implement its strategies, as well as the other risks referenced from time to
time in the Company's filings with the SEC, including the Company's Form 10-K for the year ended December 31, 1998.
All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by the Cautionary Statements.
The Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
