NEW YORK-USN Communications Inc., Chicago, went public Feb. 4 with an initial public offering of 8 million shares priced at $16 each.
Merrill Lynch & Co. Inc., New York, was lead underwriter for the IPO, which was expected to be priced in the $16-$18 range.
Proceeds will be used, in part, for the purchase of Connecticut Telephone, an acquisition that will enable USN to offer wireless phone service as a reseller.
A competitive local exchange carrier, USN targets businesses with monthly phone bills of $5,000 or less with bundled services: local, long distance, voice mail, paging, teleconferencing and Internet access.
The carrier operates in Illinois, Massachusetts, Michigan and Ohio. It has offices in 25 states.
