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Birch Communications opts to raise $100 million in private placement market
By Paul A. Harris
St. Louis, Feb. 2 - Birch Communications, Inc., which had been in the market with a $100 million offering of five-year senior secured notes, has opted instead to raise the cash via the private placement market, according to a market source.
Knight Libertas Capital Group, which was lead bookrunner for the note offering, is the placement agent.
Moody's withdrew its B3 rating on the notes, which had been in the market as a Rule 144A and Regulation S offering, due to the change, the source added.
The Atlanta-based telecommunications carrier is attempting to raise cash to repay outstanding debt, to purchase outstanding warrants for its common stock and for general corporate purposes, including future acquisitions.
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