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Articles
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| Xspedius Secures $55 Million in Investment Funding |
Xspedius Secures $55 Million in Financing
March 16, 2005 -- Xspedius Communications, LLC, a leading facilities-based integrated communications provider, announced today that it has successfully completed a senior secured debt financing in the amount of $55 million that was privately arranged by Jefferies & Company, Inc. This news follows an announcement by Xspedius that it posted five consecutive quarters of positive EBITDA and achieved positive cash flow by the end of 2004.
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The loan matures in March 2010, is guaranteed by all of Xspedius’ subsidiaries and is secured on a first priority basis by substantially all of the assets of Xspedius and its subsidiaries. The net proceeds of the loan were used to repay existing subordinated indebtedness and for general corporate purposes, including potential acquisitions.
"Since our inception, Xspedius has maintained a clean balance sheet with no long-term debt," said Mark W. Senda, President and CEO of Xspedius. "The confidence that this successful financing expresses in the consistency and operational stability of our business model will allow us to meet growing customer demand and, opportunistically, to add underperforming assets where our core competency can create value."
Robert Siegel, Managing Director of Jefferies & Company, Inc. stated, "Xspedius has demonstrated its ability to successfully grow and rapidly integrate acquisitions. Xspedius’ strong pro forma liquidity position will allow it to further capitalize on its future strategic growth initiatives."
This latest achievement is the most recent milestone for Xspedius, which recently marked its turnaround for the companies that were consolidated under the Xspedius logo – the operations of Xspedius Holding Co. and e.spire Communications in 2002, and the Texas assets of mPower Communications in 2003.
About Xspedius Communications, LLC
Xspedius Communications, LLC, is a leading facilities-based provider of integrated communications services to small and medium sized businesses in the southern United States. The company, based in O’Fallon, MO, uses a unique blend of innovation and efficiency to deliver a comprehensive suite of high quality services, including local and long distance voice, data and dedicated Internet access services, in 46 facilities-based markets in 20 states and the District of Columbia. Xspedius also owns, operates and manages extensive metropolitan fiber optic networks with significant transmission capacity. These networks cover more than 3,500 route miles and allow the company to manage its own voice and data traffic. For more information, visit www.xspedius.com.
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Posted on Apr 03, 2005 08:57am by Xspedius
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