Chuck, did you see this?
If they don't come out of BK with this kind of support...
QBID- RCN to receive $310 Million in new Funding $$$$$$$$$$
"Deutsche Bank Securities Inc. committed to provide RCN with new financing upon the consummation of the plan of reorganization"...In other words...RCN aint going nowhere...lol 7/21/2004 12:54:54 PM
The Company also announced that it has entered into a commitmentletter with Deutsche Bank Securities Inc. ("Deutsche Bank") pursuant to whichDeutsche Bank has committed to provide the Company with new financing upon theconsummation of the plan of reorganization. The new financing will consist of(i) a $310 million first lien facility, including a $285 million term loanfacility and a $25 million letter of credit facility, and (ii) a $150 millionsecond lien facility. Each of the facilities will be guaranteed by all ofRCN's wholly owned domestic subsidiaries and secured by substantially all theassets of RCN and its wholly owned domestic subsidiaries. Each of thefacilities will contain prepayment provisions, covenants and events of defaultcustomary for facilities of this nature. Closing and funding for each of thefacilities is subject to satisfaction of customary conditions precedent forfacilities of this nature. In addition, the financing to be provided byDeutsche Bank is subject to material conditions including consummation of aplan of reorganization, no material adverse effect on the business,operations, financing or finances of RCN and its subsidiaries, no materialchange in market conditions or on the ability of Deutsche Bank to syndicatethe new financing and the achievement of certain financial performancecriteria. It is anticipated that each of the facilities will be funded intoescrow following completion of syndication. Once the funds are escrowed,certain conditions to closing (including those related to a material adverseeffect on RCN Corporation and syndication) will no longer be applicable. Thefunds will be released from escrow upon satisfaction of the remainingconditions, including consummation of the bankruptcy plan."
AI
