ATLANTA-World Access Inc. announced it entered into an agreement to raise $50 million in equity capital through the sale of 50,000 newly issued shares of 4.25-percent cumulative senior perpetual convertible preferred stock series A to The 1818 Fund III L.P. managed by Brown Brothers Harriman & Co.
In connection with the transaction, Lawrence C. Tucker, a partner at Brown Brothers Harriman & Co. and co-manager of The 1818 Fund, has agreed to join World Access’ board of directors.
John D. Phillips, World Access’ president and chief executive officer, said the sale of the preferred stock leaves the company with cash balances of $100 million as well as $75 million available through a revolving line of credit with a banking syndicate group led by Bank of America.
