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Technology Stocks : XO Communications (XOXO) -- Ignore unavailable to you. Want to Upgrade?

To: Ronald P. Margraf Sr. who wrote (902)	12/4/2001 12:29:23 AM
From: Softechie	Read Replies (3) \| Respond to of 1018

Let's hope so for the sake of common shareholders. As for MCLD, I guess they have to get 95% of bondholders to agree to the deal. For now they've got the senior debts people agreed. In the McLeod restructuring, bondholders will get a premium to current market prices, even though bond debt is unsecured. People close to the deal said Forstmann is sweetening the deal for bondholders to speed the restructuring process so that McLeod can retain retail customers in 25 states where it operates. McLeod would use the $560 million from the sale of its yellow-page business and part of the equity infusion by Forstmann to pay down $2.9 billion in debt. That amounts to about 19 cents on the dollar for bondholders, a premium to the 15 cents where the bonds most recently traded. Bondholders would get about 15% of equity in the deleveraged McLeod.