Exhibit 99.1
Mpower Communications Announces Debt Exchange Offering
ROCHESTER, NY - May 23, 2000 - Mpower Communications Corp. (a/k/a MGC
Communications, Inc.) (Nasdaq:MPWR), a facilities-based provider of broadband
data, Internet and telephony services to business customers, today announced
that it is offering to exchange any and all of its 13% Senior Secured Notes due
2004 currently owned by Qualified Institutional Buyers and institutional
accredited investors for 13% Senior Notes due 2010 and soliciting consents to
amendments to the indenture governing the 13% Senior Secured Notes due 2004.
The Senior Notes to be issued in the exchange offer will not and have not been
registered under the Securities Act of 1933, as amended, or any state securities
or blue sky laws, and may not be offered or sold in the United States or in any
state thereof absent registration or an applicable exemption from the
registration requirements of such laws.
About Mpower Communications Corp.
Mpower Communications (a/k/a MGC Communications, Inc.) is a facilities-based
broadband communications provider offering a full range of data, telephony,
Internet access and Web hosting services for small and medium-size business
customers. The company currently operates in California, Chicago, Atlanta,
Southern Florida and Las Vegas.
Forward-Looking Statements
Certain statements contained in this press release that state Mpower
Communications and/or management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. Management wishes to
caution the reader these forward-looking statements are not historical facts and
are only estimates or predictions. Actual results may differ materially as a
result of risks and uncertainties including, but not limited to, projections of
future sales, returns on invested assets, regulatory approval processes, market
conditions and other risks detailed from time to time in Mpower's Securities and
Exchange Commission filings.
Investor Relations Inquiries: Media Inquiries:
David S. Clark Michael R. Daley
Senior Vice President Executive Vice President and CFO
716.218.6559 716.218.6543
[email protected] [email protected]
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