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Technology Stocks : RCN Corp. (RCNC) - Voice-Video-Internet -- Ignore unavailable to you. Want to Upgrade?

To: Kevin G. O'Neill who wrote (132)	10/27/1998 10:02:00 AM
From: jas cooper	Read Replies (1) \| Respond to of 720

Commonwealth completes rights offering October 26, 1998 07:58 PM DALLAS, Pa., Oct 26 (Reuters) - Commonwealth Telephone Enterprises Inc. said Monday it completed a rights offering of 3.68 million shares of common stock, which will raise about $77 million. The company said it expects to use net proceeds from the rights offering to repay outstanding debt. Shareholders of record on Sept. 25 received one transferable subscription right for every five shares of common stock. Rights holders are permitted to purchase one share of common stock for each right at a price of $21.25 per share. The company said the offering, which expired on Oct. 23, was fully subscribed. The telecommunications firm said the offering is the last step of its recapitalization plan that resulted in the spinoff of RCN Corp. RCNC and Cable Michigan Inc. subsidiaries. (( -- New York Newsdesk (212) 859-1700)) REUTERS