Mpower Realigns Debt Structure to Reflect New Holding Company
ROCHESTER, NY - July 13, 2001 - Mpower Holding Corporation (Nasdaq: MPWR), a provider of broadband high speed Internet access and telephony services to business customers, announced today that it has realigned the structure of its long term debt to more appropriately reflect the recent reorganization of its business, previously announced on June 28, 2001, into a holding company structure.
On July 12, 2001, Mpower Communications Corp., Mpower Holding's wholly owned subsidiary, was released from its obligations on its 13% Senior Notes due 2010. As a result, Mpower Holding is now the sole obligor on the Senior Notes due 2010.
In addition, pursuant to a supplemental indenture, Mpower Holding became a co-obligor, along with Mpower Communications, on Mpower Communications' 13% Senior Secured Notes due 2004.
About Mpower Holding Corporation
Mpower Holding Corporation (Nasdaq: MPWR) 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. Further information about the company can be found at www.mpowercom.com.
Forward-Looking Statements
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Mpower Holding cautions investors that certain statements contained in this press release that state Mpower Holding's 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 from those projected as a result of risks and uncertainties including, but not limited to, projections of future sales, market acceptance of our product offerings, our ability to secure adequate financing or equity capital to fund our operations and network expansion, our ability to manage rapid growth and maintain a high level of customer service, the performance of our network and equipment, the cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment, regulatory approval processes, changes in technology, price competition and other market conditions and risks detailed from time to time in Securities and Exchange Commission filings of Mpower Holding and Mpower Communications.
