Knology Rights Offering Expires

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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.