Mpower Communications Announces Receipt of Requisite Consents
To Amend the Indenture Governing its 13% Senior Secured Notes due 2004
ROCHESTER, NY -- May 31 -- Mpower Communications Corp. (a/k/a MGC
Communications, Inc.) (Nasdaq: MPWR) today announced that it has received the
requisite consents from a majority of the outstanding principal amount of 13%
Senior Secured Notes due 2004 necessary to amend the indenture governing such
notes and has executed a supplemental indenture reflecting the amendments to
such indenture. As a result of the execution of the supplemental indenture, upon
consummation of the exchange offer discussed below, substantially all of the
restrictive covenants in the indenture governing the 13% Senior Secured Notes
due 2004 will cease to be operative.
Mpower also announced that its previously announced offer 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 will expire at 5:00 p.m., New York City time, on Thursday, June 1,
2000, with the closing to occur on or about 3:00 p.m., New York City time, on
Friday, June 2, 2000.
The 13% Senior Notes due 2010 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 Corp. (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.
Investor Relations Inquiries: Media Inquiries:
David S. Clark Michele D. Sadwick
Senior Vice President Vice President
716.218.6559 716.218.6542
[email protected] [email protected]
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Michael R. Daley
Executive Vice President and CFO
716.218.6543
[email protected]
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