Citizens Communications To Sell Electric Lightwave.STAMFORD, Conn. -- Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states. The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut. (NYSE NYSE See: New York Stock Exchange :CZN) today announced that it has entered into a definitive agreement to sell its subsidiary Electric Lightwave ("ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. ") to Integra Telecom Integra Telecom, Inc.[1] is a facilities-based, integrated communications carrier, dedicated to providing a better choice for businesses in eight western states. Holdings, Inc. The total proceeds from the sale are $247 million including $243 million in cash plus the assumption of $4 million in capital leases, subject to customary adjustments. The sale is expected to close during the third quarter of 2006 and is subject to regulatory and other customary approvals as well as the funding of Integra's fully committed financing. The price will result in a book pre-tax gain on sale of approximately $130 million. ELI is a facilities-based integrated provider of internet, data, voice and dedicated access services to businesses and other carriers in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Cities and surrounding areas served by ELI are: Boise, Idaho; Portland, Oregon, Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. ; Seattle, Washington; Spokane, Washington; Phoenix, Arizona; and Sacramento, California. The expected use of net cash proceeds is for general corporate purposes. Integra is a facilities-based integrated communications provider that primarily serves small and mid-sized companies located in the business centers of Minnesota, North Dakota, Oregon, Utah and Washington. Integra expects to close 2005 with $155 million in revenue and 280,000 lines in service. Integra is a private company whose primary shareholders are Boston Ventures, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Capital and Nautic Partners. Integra's financing commitments are being provided by Goldman Sachs Specialty Lending Group and CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Corp. The company is headquartered in Portland, Oregon. About Citizens Communications More information about Citizens can be found at www.czn.net. This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These and all forward-looking statements (including oral representations) are only predictions or statements of current plans that are constantly under review by the company. All forward-looking statements may differ from actual results. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances. |
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