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ITC^DeltaCom sets record date for rights offering
By Lisa Kerner
Charlotte, N.C., Dec. 7 - ITC^DeltaCom, Inc.'s board of directors has set Dec. 17 as the record date for its previously announced rights offering.
The company plans to distribute to each shareholder 1.167 non-transferable rights, subject to adjustment, for each share of ITC^DeltaCom's common stock held.
Each right will entitle the holder to purchase one share of the company's common stock for $3.03 per share, according to a company news release.
The exact number of rights to be issued per share may be adjusted based on the number of outstanding shares held by eligible persons as of the record date.
Certain shareholders have agreed not to participate in the rights offering, the company said.
ITC^DeltaCom is a Huntsville, Ala., provider of integrated communications services.
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