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| Pac-West Telecom, Inc. |
| 4210 Coronado Avenue, Stockton, CA 95204 * (209) 926-3300 |
| Business Description | The company is a rapidly growing provider of integrated communications services in the western United States. |
| Offering Information Company has | |||
| Trading As | PACW (NASNTL) | Industry | Telecommunications (SIC 4832) |
| Type of Stock Offered | Common Shares | Filing Date | 9/7/99 |
| Domestic Shares Offered | 12,600,000 | Offer Date | 11/3/99 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 9,100,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 3,500,000 | Gross Spread | $0.700 |
| Gross Proceeds | $126,000,000 | Selling | $0.420 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 33,410,100 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| First Union Capital Markets Corp. | Co-manager | (804) 649-2311 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | ||
| Revenues | - | - | 4.323 | 29.551 | 42.211 | 19.932 | 30.264 |
| Income from Oper. | - | - | 0.350 | 7.920 | 8.184 | 6.221 | 8.656 |
| Net Income | - | - | 0.140 | 4.495 | -0.667 | 3.289 | 0.804 |
| E.P.S | - | - | 1.400 | 44.950 | -0.420 | 32.890 | -0.120 |
| Revenue Growth (%) | - | - | 583.58 | 42.841 | 51.84 | ||
| Net Income Growth (%) | - | - | 3,110.71 | - | -75.55 | ||
| Oper. Profit Margin (%) | - | - | 8.10 | 26.80 | 19.39 | 28.60 | 31.21 |
| Net Profit Margin (%) | - | - | 3.24 | 15.21 | - | 2.66 | 16.50 |
| Cash Flow - Oper. | 12.03 | - | - | ||||
| Cash Flow - Inv. | -42.03 | - | - | ||||
| Cash Flow - Fin. | 41.63 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 82.49 | Current Assets | 23.81 | Current Ratio | 2.88 |
| Total Liab. | 156.61 | Current Liab. | 8.28 | Debt Ratio | 189.84% |
| Total Equity | -74.11 | Working Cap. | 15.53 | Debt to Equity Ratio | - |
| Cash | 38.89 | Return on Assets | 0.97% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for capital expenditures in connection with our planned expansion into new markets, including the purchase and installation of switches and transmission equipment, the acquisition of rights of use in high capacity dark fiber transport lines and related electronic equipment, working capital and other general corporate purposes and possible future acquisitions or strategic investments. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kirkland & Ellis |
| Bank's Law Firm | Latham & Watkins |
| Auditor | Arthur Andersen |
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