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Monday, March 13, 2006 9:28:19 AM
Broadwing has ~$100 mil of cash on hand, a $75 mil credit facility, and just added another $70 mil in a private placement.
Wonder why? Is he planning to BUY a European network operation to complement the Hutchison partnership on the Asia/Pacific side?
The $1/4 billion cash he now has would make a nice down payment on something like that. Use debt to finance the balance, and BWNG would have a global network operation for just a 10% dilution.
.............................................................
Press Release Source: Broadwing Corporation
Broadwing Corporation Announces $74.0 Million Private Placement of Common
Stock
Monday March 13, 7:31 am ET
AUSTIN, Texas--(BUSINESS WIRE)--March 13, 2006--Broadwing Corporation
(NASDAQ: BWNG - News) today announced that it has entered into a definitive
agreement with certain institutional investors with respect to the private
placement of 7,400,000 shares of its common stock at a purchase price of
$10.00 per share, for gross proceeds of $74.0 million.
The net proceeds to Broadwing will be approximately $70.1 million. The
Company intends to use the net proceeds for general corporate purposes.
The shares of common stock have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United States
absent a registration statement or exemption from registration.
This notice is issued pursuant to Rule 135c under the Securities Act of 1933
and shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state.
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