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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: M0NEYMADE who wrote (95962)11/13/2001 11:45:53 AM
From: dreamer   of 150070
 
Covad soars on SBC funding deal (COVD) By Michael Baron
Covad Communications (COVD) is surging 27 cents, or 30.8 percent, to $1.13, after the Santa Clara, Calif., broadband services firm signed a loan agreement and restructured its resale and marketing pact with SBC Communications (SBC) The deals, which are valued at $150 million, will provide enough cash, the company said, to fund growth through to cash flow positive operations targeted by the second half of 2003. SBC will not increase its current 5 percent ownership stake in Covad through the deal, which gives Covad a one-time prepayment of $75 million for services, a $50 million four-year loan, a $10 million restructuring fee to eliminate revenue commitments, and a $15 million co-op-marketing fee. The transaction is conditioned upon the bankruptcy court's approval and consummation of Covad's reorganization plan.
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