Paetec buys back McLeodUSA notes

By Susanna Moon

Chicago, May 13 - Paetec Holding Corp. said it redeemed all of McLeodUSA Inc.'s outstanding senior secured notes with $128.9 million of cash on hand and borrowings under its incremental term loan facility.

As previously reported, Paetec boosted its presence in the data, internet protocol and voice services markets with the acquisition of McLeodUSA.

The all-stock merger was valued at $557 million, including debt.

Paetec is a communication services company based in Fairport, N.Y. McLeodUSA is a communications services company based in Cedar Rapids, Iowa.

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