XO Communications concluded its $200 million rights offering of 40 million shares of common stock at $5.00 per share. Preliminary figures show that approximately 39.7 million shares were purchased in the offering, yielding gross proceeds to XO of approximately $198.6 million. As stated in the offering materials, all of the proceeds will be used to reduce XO’s outstanding debt.
Carl Icahn, the company’s chairman and its largest shareholder, purchased over 7 million shares for over $35 million. http://www.xo.com
