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Primus Sells Shares

Primus Telecommunications concludes sale of 22.5 million shares, raising $18.9 million

July 4, 2007

1 Min Read

MCLEAN, Va. -- PRIMUS Telecommunications Group, Incorporated ("PRIMUS") (PRTL:OTCBB), an integrated communications services provider, announced today that it concluded the sale of 22.5 million shares of registered common stock at a price of $0.915 per share to existing and new qualified institutional buyers and institutional accredited investors. The $18.9 million of net proceeds, after fees and expenses, will be used for general corporate purposes including the repurchase, repayment or redemption of outstanding debt.

"We are pleased that existing and new investors participated in this transaction which further enhances our financial flexibility," stated Thomas R. Kloster, Chief Financial Officer. "Additionally, as a result of raising new equity in this transaction, the accelerated maturity provisions in PRIMUS's 5% Exchangeable Senior Notes are eliminated, thereby establishing June 2010 as the stated maturity for these notes."

The common stock was offered pursuant to an effective Registration Statement on Form S-3 with the Securities and Exchange Commission. CRT Capital Group LLC served as sole placement agent for the offering.

Primus Telecommunications Group Inc. (Nasdaq: PRTL)

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