XO said the offering yielded approximately $197.6 million. The funds were used to reduce the company’s debt from $536.5 million to $338.9 million.
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“We are very pleased with the tremendous success of the rights offering,” said Carl Grivner, chief executive officer of XO Communications. “The strong support shown by investors has generated proceeds that have allowed us to reduce our debt to an even lower level.”
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According to XO, the rights offering was mandated in the company’s Chapter 11 plan of reorganization.
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XO emerged from bankruptcy approximately one year ago.
