Time Warner Telecom Completes Offering

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Time Warner Telecom Inc. said it has completed a public offering of 6.5
million shares of common stock, raising $483.9 million to help pay off a portion
of the debt used to finance its acquisition of GST Telecommunications Inc.

TWT sold 6.5 million class-A common shares at $74.44 each. The proceeds will
be used to pay off a portion of a $700 million bridge-loan facility used to
purchase GST.

TWT purchased GST out of bankruptcy Jan. 10 for about $690 million. Morgan
Stanley Dean Witter & Co. was lead manager of the offering. Lehman Bros.
Inc., J.P. Morgan & Co. and Bear Stearns & Co. served as
co-managers.

The underwriters have been granted an overallotment option of up to 975,000
additional shares, which can be exercised on or before Feb. 23.

In a separate announcement, TWT said it completed a $400 million
private-placement offering of 10.125 percent senior notes, which will also be
used to pay off a portion of the bridge loan. The remainder of the proceeds of
the bond offering will be used for capital expenditures, working capital and
general corporate purposes.

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