CTC Communications Corp. Completes Convertible Preferred Issuance.WALTHAM, Mass.--(BUSINESS WIRE)--April 16, 1998--CTC Communications Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :CPTL CPTL Compagnie des Pétroles Total Libye (Total SA Group Affiliates) CPTL Center for Trade Policy and Law (Carleton University; Ottawa, Canada) ) announced today that it had closed its $12 million private placement of convertible preferred securities with Spectrum Equity Investors II, L.P. The convertible preferred securities will convert into common stock of CTC CTC - Cornell Theory Center at $9.00 per share under certain circumstances, and will carry a 9% coupon, payable in kind. In addition, the Company issued to Spectrum warrants to purchase 133,333 of common stock at $9.00 per share. Robert Fabbricatore, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CTC Communications Corp., stated "We are pleased to have Spectrum's institutional sponsorship in our company. Their track record in backing emerging telecom companies is impressive and we are honored to be one of their chosen investments. We look forward to Spectrum's representation on our Board of Directors and their continued support in our strategic growth plans." Kevin J. Maroni, General Partner of Spectrum Equity Investors, commented, "We are excited to be a part of the CTC team. We can think of no other CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) in the industry that has a fourteen year head start serving the local telecommunications marketplace." Spectrum Equity Investors, LP, a private equity fund with offices in Boston and Palo Alto, manages $360 million in private capital for investments in growing telecommunications companies. CTC Communications is a rapidly growing provider of integrated communications solutions to small and medium sized business customers in the Northeastern U.S. It provides an extensive array of voice and data services including local, long distance, enhanced telephone services, frame relay, Internet access, and T1 and ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. services. The Company markets its services through its 170 member direct sales force throughout Massachusetts, New York, Connecticut, New Hampshire, Vermont and Maine. CTC's headquarters is in Waltham, MA and can be found on the World Wide Web at http://www.ctcnet.com. CONTACT: CTC Communications John D. Pittenger, 781/466-1302 http://www.ctcnet.com |
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