Broadwing Completes Redemption of 7 1/4% Preferred Shares.Business Editors CINCINNATI--(BUSINESS WIRE)--April 26, 2000 Broadwing Inc. (NYSE NYSE See: New York Stock Exchange :BRW BRW Business Review Weekly (business magazine; Melbourne, Victoria, Australia) BRW Business Report Writer BRW Barrow, AK, USA - Barrow (Airport Code) BRW Business Requirement Worksheet ) today announced that it has redeemed or converted into common shares all of its outstanding 7 1/4% preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. pursuant to a March 21, 2000, redemption offer. Broadwing issued 1,058,380 7 1/4% preferred shares in November 1999 in exchange for similar preferred shares of IXC (1) (IntereXchange Carrier) An organization that provides interstate (long distance) communications services within the U.S., which includes AT&T, MCI, Sprint and more than 700 others. See LATA. (2) (IXC Communications Inc., Austin, TX, www. Communications, Inc. following Broadwing's acquisition of IXC. Under the offer, 1,058,292 of the 7 1/4% preferred shares were converted into common at a rate of 8.9445 common shares for each preferred share. The conversion created 9,465,878 additional Broadwing common shares, with cash paid for fractional shares. The remaining 88 preferred shares were redeemed for cash at $104.83 per share, plus accrued dividends. The conversion and redemption allow Broadwing to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. the $7.6 million annual dividend requirement for the preferreds into new growth ventures. About Broadwing Broadwing Inc. is an integrated communications powerhouse delivering voice, data and Internet solutions to a variety of customers nationwide. Broadwing combines unparalleled customer service with a premier next-generation fiber network and award winning IP backbone, to create data and internet solutions that are innovative, reliable, and provide businesses a competitive advantage. Headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , with 5,500 employees in 38 cities, Broadwing can be found on the Web at broadwing.com. |
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