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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: TeamTi who wrote (10696)	11/13/2002 10:13:34 AM
From: RockyBalboa	Respond to of 19428

Whatajoke.com. Can it! biz.yahoo.com In a series of transactions that closed on October 30, 2002 and November 11, 2002, the Company significantly deleveraged its balance sheet, raised additional equity capital and converted all of its outstanding preferred stock into common stock. The outstanding borrowings under FiberNet's credit facility were reduced from $96.2 million to $33.4 million, and the applicable interest rate decreased from LIBOR+450 basis points to LIBOR+375 basis points. In addition, all interest on any credit facility borrowings that accrues prior to June 30, 2003 will be capitalized and added to the outstanding borrowings under the facility. A total of $70.5 million of debt and accrued interest was surrendered for common stock and warrants to purchase common stock. FiberNet raised $3.8 million in gross proceeds in a private offering of common stock and warrants, and all outstanding shares of series H and series J preferred stock were converted into shares of common stock. In total, the Company issued 724,183,465 shares of common stock and warrants to purchase 174,200,000 shares of common stock in connection with these transactions. ... The Company generated an EBITDA (as defined) profit of $0.2 million for the third quarter of 2002, compared to an EBITDA (as defined) profit of $1.3 million for the second quarter of 2002 and an EBITDA (as defined) loss of $4.2 million for the third quarter of 2001.