Knology Rights Offering Expires


Knology Inc. said Monday that its previously announced rights offering has expired with an oversubscription of orders received.

The operator said it expects to issue the 1,271,839 series-AA convertible preferred shares offered and sold in the transaction Thursday.

Knology added that upon issuance of the shares, it will receive gross offering proceeds of $10.8 million, and the selling shareholders will receive proceeds of $1,918,390.

The company will use the net proceeds received by the company to pay down its first-lien indebtedness.