Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Advanced Radio Telecom (ARTT) -- Ignore unavailable to you. Want to Upgrade?

To: GVTucker who wrote (229)	9/29/1998 10:37:00 AM
From: MangoBoy	Respond to of 1176

[Advanced Radio Telecom Completes Definitive Financing AgreementsWith Lucent Technologies] BELLEVUE, Wash., Sept. 28 /PRNewswire/ -- Advanced Radio Telecom Corp. (ART) announced today that it has completed two definitive financing agreements with Lucent Technologies. The first definitive financing agreement is for a $25 million credit facility completing the commitment disclosed in July. The second agreement creates a $200 million purchase money facility, which follows a letter of intent disclosed in March and July. "With the launch of commercial services in the Seattle metropolitan area and the completion of these financing agreements with Lucent, ART is on track to successfully launch its services in three markets before year end," said Henry C. Hirsch, ART chairman and CEO. "Access to this capital will help us realize our plan to provide fiber-quality advanced data communications services to businesses without fiber connectivity, while we selectively raise long term capital to expand our business into additional markets." When ART raises in excess of $50 million of capital, the $25 million credit facility must be repaid. At that point, the $200 million purchase money facility will be available to ART for borrowing equal to 200 percent of the aggregate capital raised. Availability under the facilities is subject to various conditions. On Sept. 15, ART announced the launch of high-speed advanced communications services to businesses in Seattle and the surrounding areas, and plans to introduce commercial services in Phoenix and Portland before year-end.