UNITED STATES ----------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------
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Expires: November 30, 1999
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SCHEDULE 13G
Under the Securities Exchange Act OF 1934
(Amendment No. ____*)
PSINet Inc.
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(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
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(Title of Class of Securities)
74437C101
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(CUSIP Number)
----------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|X| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP NO. 74437C101 13G PAGE 2 OF 5 PAGES
--------------- ---- ----
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1 NAME OF REPORTING PERSON
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S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William L. Schrader
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5 SOLE VOTING POWER
5,516,743* (See Item 4)
NUMBER OF --------------------------------------------------------
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 151,000*
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 5,516,743* (See Item 4)
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
151,000*
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,667,743* (See Item 4)
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |X|
(See Instructions)
(See Item 4)
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.7% (See Item 4)
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12 TYPE OF REPORTING PERSON (See Instructions)
IN
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* Number of shares have not been adjusted to reflect a two-for-one split of
the Issuer's common stock effected on February 11, 2000 by means of a stock
dividend to holders of record as of the close of business on January 28,
2000.
<PAGE>
Item 1(a). Name of Issuer
PSINet Inc.
Item 1(b). Address of Issuer's Principal Executive Offices
510 Huntmar Park Drive
Herndon, VA 20170
Item 2(a). Name of Person Filing
William L. Schrader
Item 2(b). Address of Principal Business Office
510 Huntmar Park Drive
Herndon, VA 20170
Item 2(c). Citizenship
United States of America
Item 2(d). Title of Class of Securities
Common Stock, Par Value $0.01 Per Share
Item 2(e). CUSIP Number
74437C101
Item 3. Not Applicable
Page 3 of 5
<PAGE>
Item 4. Ownership
(a) Total Amount Beneficially Owned as
of December 31, 1999: 5,667,743*
---------
(b) Percent of Class: 7.7%
----
(c) Number of shares as to which such person has:
(i) sole power to vote or to
direct the vote 5,516,743
---------
(ii) shared power to vote or to
direct the vote 151,000
-------
(iii) sole power to dispose or to
direct the disposition of 5,516,743
---------
(iv) shared power to dispose or to
direct the disposition of 151,000
-------
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person
Not Applicable
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on By the Parent
Holding Company
Not Applicable
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
Not Applicable
- ----------------------
* Includes 2,083 shares issuable upon the exercise of vested options and
2,083 shares issuable upon the exercise of options which will be vested
within 60 days of December 31, 1999. Does not include 45,834 shares
issuable upon the exercise of options which are not deemed to be presently
exercisable. Does not include 1,062,612 shares beneficially owned by Mr.
Schrader's wife, nor 111,882 shares held by two trusts (of which Mr.
Schrader's wife is trustee) for the benefit of Mr. Schrader's two minor
children, as to which Mr. Schrader disclaims beneficial ownership.
Page 4 of 5
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2000
/s/William L. Schrader
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William L. Schrader
Page 5 of 5
