LV company to sell $125 million in stock

Friday, July 23, 1999 | 11:31 a.m.

MGC Communications Inc. of Las Vegas, a fast-growing telephone company, said it will offer 5 million shares of its stock in an underwritten public offering of $25 per share.

The company went public last year with an initial stock offering. MGC in May also issued 5.28 million shares of Series B Convertible Preferred Stock to Providence Equity Partners III L.P., JK&B Capital III L.P., Wind Point Partners III L.P. and their affiliates, netting MGC $47.5 million.

Separately, MGC said it lost $16.3 million or 93 cents per share in the second quarter compared to a loss in the year-ago quarter of $6.9 million or 52 cents per share.

Revenue increased from $4 million in the 1998 quarter to $11.5 million in the latest quarter.

MGC provides local and long distance phone service and Internet services to small business and residential customers in Las Vegas, Atlanta, Chicago, southern Florida and parts of Southern California.

archive