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Integra Telecom Gets $22M

Funding comes from shareholders, Bank of America, Bank of New York, Boston Ventures, CIT Group, GE Capital, Nautic Partners, and others

July 12, 2002

1 Min Read

BEAVERTON, Ore. -- Integra Telecom, a provider of local, long-distance and Internet services for small and midsize businesses, raised $22 million from its shareholder and bank groups this week. The new capital came from its existing shareholders and banks, including Bank of America Capital Investors, Bank of New York, Boston Ventures, CIT Group, GE Capital, Nautic Partners and others. This show of support by Integra investors and its bank group further strengthens the company's balance sheet and validates its business plan, offering a positive endorsement in the midst of a challenging capital market. Integra, which has reported positive EBITDA since December 2001, will use the capital infusion to advance its growth in the markets it currently serves, including Minnesota, North Dakota, Oregon, Utah and Washington. The company plans to increase penetration and expand service within these areas. While second quarter results are currently being tallied, Integra grew revenues and access line equivalents by approximately 60% in first quarter 2002 over first quarter 2001. "We're delighted by this achievement, especially given that it comes at a time when investors are cautious about the telecom industry," said Dudley Slater, chief executive officer of Integra Telecom. "We're grateful to have the continued support of our investors and to be expanding our credit facility while others in our industry are forced to restructure bank debt or seek relief from debtors. This comes at an important time, as we see increasing demand from the small to mid-size business community for our services, and we look forward to growing our share of this market." Integra Telecom Inc.

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