Citizens Communications completes offer for Electric Lightwave at $0.70 per share and will repay bank debt

June 18, 2002

1 Min Read

STAMFORD, Conn. -- Citizens Communications Company (NYSE: CZN - News) today announced the successful completion of its cash tender offer at $0.70 per share for all of the outstanding publicly held Class A common shares of Electric Lightwave, Inc. ("ELI") that Citizens does not own. In addition, Citizens will prepay all $400 million outstanding under ELI's bank facility and cancel all commitments thereunder by the end of June, 2002. The Offer expired by its terms at midnight, New York City time, on Monday, June 17, 2002. Citizens estimates that 6,346,451 Shares, including guaranteed deliveries, were tendered. The tendered Shares, combined with the Shares already owned by Citizens and its subsidiaries, represent approximately 95.5 percent of the outstanding shares of ELI's Class A common stock. Citizens has accepted for payment all validly tendered Shares and will make prompt payment to the Depositary for the accepted shares. Citizens expects to complete a "short-form" merger in which ELI will become a wholly owned, not publicly traded subsidiary of Citizens. In the merger, each share of ELI common stock that was not tendered, other than shares owned by Citizens and its subsidiaries and stockholders validly exercising appraisal rights under Delaware law, will be converted into a right to receive $0.70 in cash without interest. Completion of the merger is expected by the end of June, 2002. Citizens Communications Electric Lightwave Inc.

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