Posted 08/2000
Big Deal Briefs
McLeodUSA (www.mcleodusa.com) has completed its commitment for senior secured credit facilities. The commitment totaled $1.3 billion, up from the $1 billion the company originally sought. Sixty-four banks and institutions participated in the financing. Chase Securities Inc. was the lead arranger and manager.
DSL.net Inc. (www.dsl.net) acquired Vector Internet Services Inc. (www.visi.com). Vector operates data and web hosting centers. Financial terms of the deal were not disclosed.
OnSite Access Inc. (www.onsiteaccess.com), a new building-centric CLEC, has secured $70 million in financing from J.P. Morgan Ventures Corp. and private equity investments from Microsoft Corp. (www.microsoft.com) and PSI Net Ventures.
Sycamore Networks Inc. (www.sycamorenet.com), an intelligent optical networking vendor, plans to acquire privately held Sirocco Systems Inc. (www.siroccosystems.com) for $2.9 billion. Sirocco develops and markets optical access aggregation, switching and network management products targeted for the metropolitan access market.
RMI.NET Inc. (www.rmi.net) has formed a strategic alliance with Zyan Communications Inc. (www.zyan.net), under which Zyan will deliver RMI.NET's WARPWIRE brand DSL service throughout the United States.
NEXTLINK Communications Inc. (www.nextlink.com) and Concentric Network Corp. (www.concentric.net) have closed their $2.54 billion merger, announced Jan. 10. The newly combined company plans to offer end-to-end broadband services, including voice, data and Internet, throughout the United States and Canada.
Fleet Equity Partners (www.fleetequity.com) has agreed to invest $30 million in a new company that plans to construct and lease fiber networks in second- and third-tier markets in the Northeastern and Middle Atlantic states. The new company, Fiber Technologies LLC (www.fibertechnologies.net), will be led by John Purcell, former corporate vice president of the former Frontier Corp. (www.frontiercorp.com) and Frank Chiaino, former president and CEO of Time Warner Inc.'s (www.twtelecom.com) telephone and cable operations in Rochester, N.Y.
CapRock Communications Corp. (www.caprock.com) priced its secondary public offering at $19.50 per share--after reducing the number of shares it planned to offer from 5 million to 4 million.
Metromedia Fiber Network Inc. (www.mmfn.com) will provide metropolitan optical fiber infrastructure to EarthStation Netaxs (www.earthstation.net), an ISP, in Philadelphia; Washington, D.C.; and their suburbs. In addition, MFN will lease long-haul capacity to EarthStation Netaxs between the two cities.
