Broadwing to Exchange 7 1/4% Preferred Shares; Restructuring Will Strengthen Balance Sheet.

Business Editors

CINCINNATI--(BUSINESS WIRE)--March 23, 2000

Broadwing Inc. (NYSE:BRW) today offered to redeem or convert into common shares all of its outstanding 7 1/4% preferred shares, freeing $7.6 million in cash to reinvest in growth ventures.

Each 7 1/4% preferred share may be redeemed for $104.83 in cash or converted into 8.94 common shares. Those common shares have a current market value of $330.78 based on a closing price per share of $37.00 on March 22, 2000.

"As a 'new economy' business, Broadwing has a wide range of very attractive investment opportunities," said Kevin Mooney, Broadwing's executive vice president and chief financial officer. "This financial restructuring will strengthen our balance sheet, retain cash we can invest for growth, and provide greater liquidity for holders of these securities."

Broadwing issued 1.06 million of the 7 1/4% preferred shares in exchange for similar preferred shares of IXC Communications, Inc. following Broadwing's acquisition of IXC last November. Approximately 9.5 million common shares would be issued if all of the 7 1/4% preferred shares were converted into common.

Broadwing's exchange agent, Fifth Third Bank in Cincinnati, will mail instructions and details about to the offer to all registered holders of the 7 1/4% preferred shares.

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 with 5,500 employees in 38 cities, Broadwing can be found on the Web at www.broadwing.com.