BELLEVUE, Wash.-Nextlink Communications Inc. said it expects to raise net proceeds totalling about $1.3 billion through the sale of 7.6 million shares of common stock and $1 billion in senior and senior discount notes.
The company announced the pricing of the common shares at $76 per share. The 10.75 percent senior notes due 2009 are valued at $675 million, and the 12.25 percent senior discount notes due 2009 are valued at $588.9 million. The securities were sold through a public offering and were expected to close on June 1.
Proceeds from the offering will be used to purchase telecommunications assets and to fund operations.
Nextlink also said it launched commercial service for small- and medium-sized businesses in the Washington, D.C., metropolitan area.
The company said it also is on track to launch service in several more markets, including Boston and northern New Jersey, by the end of the year.
Nextlink was founded by cellular veteran Craig McCaw.
