Mpower Communications Consummates Private Exchange Offer and Consent Solicitation
ROCHESTER, NY - June 5, 2000 - Mpower Communications Corp. (a/k/a MGC Communications, Inc.) (Nasdaq: MPWR) announced that it consummated its private exchange offer and consent solicitation on June 2, 2000, issuing $106,926,000 aggregate principal amount of its 13% Senior Notes due 2010 in exchange for $94,884,000 aggregate principal amount of its 13% Senior Secured Notes due 2004 that were delivered for exchange. As a result of the exchange offer, $65,116,000 of Mpower's 13% Senior Secured Notes due 2004 and $356,926,000 aggregate principal amount of its 13% Senior Notes due 2010 are outstanding. In addition, as a result of consummating the exchange offer and having received the requisite consents from the holders of more than a majority of the outstanding principal amount of 13% Senior Secured Notes due 2004, the supplemental indenture which eliminates substantially all of the restrictive covenants in the indenture governing the 13% Senior Secured Notes due 2004 has become operative.
The 13% Senior Notes due 2010 issued in the exchange offer are not registered under the Securities Act of 1933, as amended, or any state securities or blue sky laws, and may not be offered or sold in the United States or in any state thereof absent registration or an applicable exemption from the registration requirements of such laws.
About Mpower Communications Corp.
Mpower Communications Corp. (a/k/a MGC Communications, Inc.) is a facilities-based broadband communications provider offering a full range of data, telephony, Internet access and Web hosting services for small and medium-size business customers. The company currently operates in California, Chicago, Atlanta, Southern Florida and Las Vegas.
Forward Looking Statements
Certain statements contained in this press release that state Mpower Communications and/or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Management wishes to caution the reader these forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially as a result of risks and uncertainties including, but not limited to, projections of future sales, returns on invested assets, regulatory approval processes, market conditions and other risks detailed from time to time in Mpower's Securities and Exchange Commission filings.
