Outage Prompts RCN to Extend Offer8/18/2003 5:22 AM Eastern
The lights went out, but the sale goes on.
The biggest power outage in U.S. history prompted RCN Corp. to extend its
tender offer for between $250 million-$290 million in outstanding senior notes
from the original Aug. 15 deadline to Monday.
Investors have until 5 p.m. EST to opt into the tender offer, which so far
has included $75.1 million in notes.
Back in July, the Princeton, N.J.-based competitive cable provider started up
a modified Dutch auction to buy back notes so long as the holders agreed to a
price range between $320-$370 for every $1,000 in note value plus accrued and