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To: Sector Investor who wrote (1385)	4/17/1998 12:40:00 AM
From: Tech97	Read Replies (1) \| Respond to of 1629

Inter@ctive WeekApril 15, 1998 PSINet Closes Debt Offering, Inks CLEC Deals By Randy Barrett 3:30 PM EDT PSINet Inc. has completed the sale of $600 million senior unsecured notes which mature in 2005. The debt carries an interest rate of 10 percent, an amount most analysts viewed as favorable. PSINet plans to use the money to retire old debts and grow the company. The high-yield offering was underwritten by Donaldson, Lufkin & Jenrette, Merrill Lynch & Co. and Chase Securities Inc. "This financing, together with recent acquisitions of fiber-optic connectivity throughout the United States and into Europe, further strengthens PSINet's position as a premier global facilities-based data communications company," said PSINet Chief Executive Officer William Schrader in a statement. PSINet also announced new agreements with three U.S. competitive local exchange carriers (CLECs), Eagle Communications Inc., E-Spire Communications Inc. (formerly American Communications Services Inc.) and ICG Communications Inc., for colocation rights and access to primary rate interface (PRI) lines. The PRI lines are a key linkage between customers and PSINet's modem pools. PSINet had trouble with PRI provisioning late last year, a problem which led to lower-than-expected revenue of $122 million in 1997. The company said it is looking to work with more CLECs that have good working relationships with the regional Bell operating companies. PSINet can be reached at www.psi.net