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October 19, 1997updated 03 Sep 2016 7:11pm

C-TEC SPLINTER RCN CORP RAISES $575M IN DEBT OFFERING

By CBR Staff Writer

Princeton, New Jersey-based telecom, cable and internet services outfit RCN Corp, one of the three independent companies spun out from C-Tec Corp earlier this year (CI No 3,103), has raised $575m in proceeds from a private offering of two tranches of debt securities. The offering consisted of 10% senior notes and 11.125% senior discount notes, both due in 2007. The bulk of the proceeds will be used for the development and expansion of RCN’s fiber optic network.

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