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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 14, 1999
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IXC Communications, Inc.
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(Exact name of registrant as specified in its charter)
California 0-20803 74-2644120
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1122 Capital of Texas Highway South, Austin, Texas 78746
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (512) 328-1112
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
Attached as Exhibit 99.1 is the press release issued by IXC
Communications, Inc. dated September 14, 1999 which is hereby incorporated by
reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS
99.1 Press release dated September 14, 1999.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IXC Communications, Inc.
Dated: September 14, 1999 By: /s/ JEFFREY C. SMITH
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Jeffrey C. Smith
Senior Vice President,
General Counsel and Secretary
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press release dated September 14, 1999.
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( BW)(TX-IXC-COMMUNICATIONS)(IIXC) IXC Obtains $310 Million Financing
Business Editors and High-Tech Writers
AUSTIN, Texas--(BUSINESS WIRE)--Sept. 14, 1999--IXC Communications Inc.
(Nasdaq:IIXC) today announced that it has completed $310 million of financing
through Bank of America N.A. and amended its existing credit facility with the
bank.
The new facility comprises two secured revolving loans and is intended to
finance IXC through the close of its merger with Cincinnati Bell Inc. The
merger is currently expected to close in the fourth quarter 1999. The facility
provides for prime or LIBOR rate interest options at IXC's election. IXC
expects to use the proceeds for capital expenditures and working capital
requirements. The new facilities will mature at the completion of the merger or
if the merger is terminated. If the merger is not completed by Feb. 28, 2000,
$310 million of the new facilities will mature. Under certain circumstances,
Bank of America may sell the credit facilities to Cincinnati Bell, resulting in
Cincinnati Bell becoming the lender to IXC. In amending its existing
agreement, the covenants under the facility have been adjusted and the total
amount available to IXC has been fixed at $200 million, the amount presently
outstanding. The existing facility will also mature at the completion of the
merger or if the merger is terminated.
"We are extremely pleased to have completed this credit facility," said
John Zrno, IXC's Chief Executive Officer. "It allows us the financial
flexibility to continue our growth strategy while preparing to merge with
Cincinnati Bell."
IXC's network-based delivery solutions are designed to address the speed
and capacity requirements of the global communications market. IXC offerings
include private line, fast packet (ATM and frame relay), Internet and
long-distance switched and dedicated services. IXC Communications Inc. is at
the forefront of the industry's new class of emerging domestic and
international carriers. IXC is a publicly traded company listed on Nasdaq under
the symbol IIXC. For more information, visit IXC's Web site at www.ixc-comm.com.
CONTACT: IXC Communications Inc., Austin
Media Contact:
Melissa Jackson, 512/231-5247
[email protected]
or
Investor Contact:
Greta Wiechman, 888/267-9478
[email protected]
