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| FairPoint Communications, Inc. |
| 521 East Morehead Street, Suite 250, Charlotte, NC 28202 * (704) 344-8150 |
| Business Description | The company is a rapidly growing, facilities based provider of communications services. |
|
Filing Information IPO has been | |||
| To Trade As | FRPT (NASNTL) | Industry | Telecommunications (SIC 4813) |
| Type of Stock Offered | Common Shares | Filing Date | 5/11/00 |
| Domestic Shares Filed | 0 | Filing Price | - - |
| Foreign Shares Filed | 0 | Offering Amount | $200,000,000 |
| Company Shares | 0 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| First Union Capital Markets Corp. | Co-manager | (804) 649-2311 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 3/31/99 | 3/31/00 | ||
| Revenues | - | - | 47.763 | 92.007 | 147.539 | 32.828 | 44.918 |
| Income from Oper. | - | - | 12.439 | 16.562 | 11.700 | 6.372 | -12.642 |
| Net Income | - | - | -0.888 | -8.000 | -29.040 | -8.418 | -18.183 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 92.63 | 60.356 | 36.83 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | 26.04 | 18.00 | 7.93 | - | 19.41 |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | 7.70 | 9.72 | 2.95 | ||||
| Cash Flow - Inv. | -76.61 | -8.58 | -11.26 | ||||
| Cash Flow - Fin. | - | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 572.74 | Current Assets | 99.22 | Current Ratio | 2.69 |
| Total Liab. | 436.98 | Current Liab. | 36.87 | Debt Ratio | 76.30% |
| Total Equity | 135.76 | Working Cap. | 62.35 | Debt to Equity Ratio | 3.22 |
| Cash | 58.66 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to expand and develop networks and services, to fund pending acquisitions and for general corporate purposes including to repay bank debt and invest in short-term interest bearing investment grade securities. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Paul, Hastings, Janofsky & Walker |
| Bank's Law Firm | Debevoise & Plimpton |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Thomas H. Lee Equity Fund IV, LP and affiliates | 43.10 | |
| Kelso Investment Associates V, L.P. | 36.50 | |
| Note: represents ownership of 5% or more prior to the offering. | ||