July 23, 2014 10:35 AM ET

Diversified Telecommunication Services

Company Overview of ITC DeltaCom, Inc.

Company Overview

ITC^DeltaCom, Inc., together with its subsidiaries, provides various integrated communication services to businesses and enterprise organizations in the Southeastern United States. It offers a range of data and Internet services, including high-speed Internet access, dedicated Internet access, and multiprotocol label switching services. The company also provides voice services comprising local, domestic, and international switched access, dedicated long distance services, hosted IP private branch exchange solutions, and access trunks for customers that own and operate switching equipment on their own premises; and mobile data and voice services that provide nationwide mobile access to voice,...

1375 Peachtree Street

Atlanta, GA 30309

United States

Founded in 1997

1,106 Employees

Phone:

404-815-0770

Key Executives for ITC DeltaCom, Inc.

Chief Financial Officer
Age: 43
Senior Vice President of Legal & Regulatory
Age: 70
Senior Vice President of Finance
Age: 64
Senior Vice President of Wholesale Sales
Director of Corporate Communications
Compensation as of Fiscal Year 2014.

ITC DeltaCom, Inc. Key Developments

ITC^DeltaCom Inc. Announce Results at Initial Settlement Date of Tender Offer and Consent Solicitation for 10.5% Senior Secured Notes Due 2016

EarthLink Inc. announced that, as of 5:00 p.m. New York Time, on May 28, 2013, $129,672,000 aggregate principal amount of the 10.5% Senior Secured Notes due 2016 of ITC DeltaCom Inc., EarthLink's wholly-owned subsidiary, have been validly tendered, not validly withdrawn, and accepted for purchase by ITC^DeltaCom in connection with ITC^DeltaCom's previously announced cash tender offer for any and all of the ITC^DeltaCom Notes. Holders who validly tendered their ITC^DeltaCom Notes at or prior to the Consent Expiration, and did not validly withdraw their Notes at or prior to the Consent Expiration will receive $1,058.75, plus accrued and unpaid interest, payable in cash, for each $1,000 principal amount of ITC^DeltaCom Notes, which includes a consent payment of $30.00 per $1,000 principal amount of ITC^DeltaCom Notes. In accepting for purchase all of the ITC^DeltaCom Notes validly tendered and not validly withdrawn prior to the Consent Expiration, ITC^DeltaCom has waived the Supplemental Indenture Condition. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on June 11, 2013, unless extended or earlier terminated. Holders who validly tender after the Consent Expiration and prior to the Expiration Time will receive $1,028.75, plus accrued and unpaid interest, payable in cash, for each $1,000 principal amount of ITC^DeltaCom Notes.

ITC^DeltaCom Inc. Commences Tender Offer and Consent Solicitation for 10.5% Senior Secured Notes Due 2016

EarthLink Inc. announced that it has caused ITC^DeltaCom Inc., its wholly owned subsidiary, to commence a cash tender offer for any and all of the $292.3 million outstanding principal amount of ITC^DeltaCom's 10.5% Senior Secured Notes due 2016 (CUSIP No. 45031TAR5) (the "ITC^DeltaCom Notes). In conjunction with the tender offer, ITC^DeltaCom is soliciting consents to eliminate most of the covenants, certain events of default applicable to the ITC^DeltaCom Notes and certain other provisions contained in the indenture governing the ITC^DeltaCom Notes and to release all of the collateral securing the ITC^DeltaCom Notes (the "Indenture"). EarthLink expects to fund the tender offer with the proceeds from a new senior secured debt offering. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on June 11, 2013, unless extended or earlier terminated (the Expiration Time). Holders who validly tender their ITC^DeltaCom Notes and provide their consents to the amendments to the Indenture before 5:00 p.m., New York City time, on May 28, 2013, unless extended (the Consent Expiration), will be eligible to receive the Total Consideration (as defined below), which includes a consent payment. The tender offer contemplates an early settlement option, so that holders whose ITC^DeltaCom Notes are validly tendered prior to the Consent Expiration and accepted for purchase could receive payment of the Total Consideration as early as May 29, 2013. Holders that validly tender their ITC^DeltaCom Notes after the Consent Expiration will receive the Tender Offer Consideration (as defined below) promptly after the Expiration Time. Tenders of ITC^DeltaCom Notes may be validly withdrawn and consents may be validly revoked until the Withdrawal Time. The "Total Consideration" for each $1,000 principal amount of ITC^DeltaCom Notes validly tendered and not validly withdrawn prior to the Consent Expiration is $1,058.75, which includes a consent payment of $30.00 per $1,000 principal amount of ITC^DeltaCom Notes. Holders tendering after the Consent Expiration will be eligible to receive only the "Tender Offer Consideration," which is $1,028.75 for each $1,000 principal amount of ITC^DeltaCom Notes. Holders will also receive accrued and unpaid interest from the last interest payment on the applicable ITC^DeltaCom Notes up to, but not including, the applicable settlement date for all of such ITC^DeltaCom Notes that the company accepts for purchase in the tender offer. Tendered ITC^DeltaCom Notes may be withdrawn and consents may be revoked before 5:00 p.m., New York City time, on the earlier to occur of (a) May 28, 2013 or (b) the date of execution of the Supplemental Indenture (as defined below), unless extended (the Withdrawal Time), but generally not afterwards. Any extension, termination or amendment of the tender offer will be followed as promptly as practicable by a public announcement thereof. The tender offer is subject to the satisfaction of certain conditions including: (1) receipt of consents to the amendments to the Indenture from holders of 66 2/3% of the principal amount of the outstanding ITC^DeltaCom Notes and execution of a supplemental indenture effecting such amendments (the "Supplemental Indenture"), (2) completion of the senior secured debt offering on satisfactory terms and (3) certain other customary conditions. ITC^DeltaCom may waive any of the foregoing conditions in its sole discretion.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 16, 2013
ITC DeltaCom, Inc., Telecom Systems Business
 

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