McLeodUSA
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| McLeodUSA | |
|---|---|
| Type | Private (Nasdaq: MUSA proposed) |
| Founded | |
| Headquarters | Hiawatha, IA, USA |
| Key people | Royce J. Holland, President, CEO Joseph H. Ceryanec, CFO |
| Industry | Telecom Service - Domestic |
| Products | Telephony |
| Revenue | $205 million (estimated) |
| Employees | 1600 |
| Website | www.mcleodusa.com |
McLeodUSA, based in Hiawatha, Iowa, is one of the nation’s largest independent CLECs (competitive local exchange carriers). The company also has offices in Tulsa, Oklahoma, and The Woodlands, Texas.
McLeodUSA provides integrated communications services, including local services, in 25 Midwest, Southwest, Northwest and Rocky Mountain states. The Company is a facilities-based telecommunications provider with, as of September 30, 2005, 38 ATM switches, 38 voice switches, 697 collocations, 432 DSLAMs and approximately 1,700 employees.
The company was founded by Iowa school teacher Clark McLeod who entered into the long distance re-sale business. Eventually he sold that business and went into LEC, using the State of Iowa funded fiber backbone as a helpful parallel. The company went public during the dot com boom, entered chapter 11, reorganized, and then met the same fate a few years later. The company no longer trades on NASDAQ exchange. At one point the company had a market value in the billons. The former CEO was Chris A. Davis.
On March 22, 2007, the company filed a prospectus with the SEC for another Initial Public Offering (IPO).[1] [2] [3] Given that the company is cash-flow positive, it is unclear how this is designed to benefit the company from an operational perspective. Clearly, it will position the executive management team and other key stakeholders to gain millions of dollars.
On September 17, 2007, PAETEC Holding Corp. announced plans to acquire McLeodUSA in an all-stock merger for $557 million.[4]
[edit] References
- ^ SEC Prospectus, March 22, 2007, http://www.sec.gov/Archives/edgar/data/919943/000104746907002039/a2176594zs-1.htm
- ^ MarketWatch, McLeodUSA files for $173 million IPO, March 22, 2007, http://www.marketwatch.com/news/story/telecom-carrier-mcleodusa-files-make/story.aspx?guid=%7B2E90AE24-C5FB-4133-B0C6-FB804E1772BA%7D
- ^ McLeodUSA IPO Terms Change, Forbes.com, August 20, 2007 http://www.forbes.com/feeds/ap/2007/08/20/ap4037563.html
- ^ PAETEC Holding Corp. to Acquire McLeodUSA, Forbes.com, September 17, 2007 http://www.forbes.com/businesswire/feeds/businesswire/2007/09/17/businesswire20070917005620r1.html
[edit] External links
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