| Ticker: MCLD | 221 Third Avenue S E, Suite 500 | |
| Exchange: NASDAQ-National Market | Cedar Rapids, Iowa 52401 | |
| Industry: Service | (319) 364-0000 |
| Type of Shares: | Class A Common Shares | Filing Date: | 4/2/96 | |
| U.S. Shares: | 12,000,000 | Offer Date: | 6/10/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $16.00 - $18.00 | |
| Primary Shares: | 12,000,000 | Offer Price: | $20.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.35 | |
| Offering Amount: | $204,000,000 | Selling: | $0.81 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 44,036,448 |
| Manager | Tier | Phone |
| Salomon Brothers Inc. | Lead Manager | (212) 783-2947 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-2000 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 703-4797 |
| Auditor: McGladrey & Pullen | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $29.00 | $12.49 | $4.76 | Assets: | $38.28 |
| Net Income: | -$11.33 | -$4.34 | $2.96 | Liabilities: | $27.13 |
| EPS: | -$0.31 | -$0.12 | -$0.08 | Equity: | $11.14 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company is a provider of integrated local and long distance telecommunications services to small and medium-sized businesses primarily in Iowa and Illinois. The Company derives its telecommunications revenue from (i) the sale of "bundled" local and long distance telecommunications services to end users, (ii) telecommunications network maintenance services and (iii) competitive access services, including special access and private line services. The Company offers "one-stop" integrated telecommunications services tailored to the customer's individual needs. This approach simplifies the customer's telecommunications procurement and management tasks and provides for customized services, such as "least-cost" long distance pricing and enhanced calling features, to customers who might otherwise be unable to secure such services directly on a cost-effective basis. The Company also operates a competitive access provider that offers a variety of special access and private line services to 73 large businesses, institutional customers and interexchange carriers. In addition, the Company provides network maintenance services for the State of Iowa's fiber optic network. |
| Use of Proceeds |
| The proceeds from the offering will be used to fund certain development and construction costs of the Company's fiber optic network, to repay all borrowings outstanding under the Credit Facility (as defined herein), to fund market expansion activities of the Company's telecommunications business, to fund operating deficits and net losses and for additional working capital and general corporate purposes. |
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