PaeTec Communications files for $100 million IPO
Integrated communications provider, PaeTec Communications, Inc. filed on Friday April 14, 2000, to raise $100 million in an initial public offering of class A common stock.
Based in Fairport, N.Y., PaeTec offers local and international long distance services, high speed Internet access, eCommerce and other data services to medium and large sized businesses in 25 markets throughout the United States. The company's vision is to be the nations most customer and employee oriented integrated communications provider in the markets it serves.
In September 1999, PaeTec acquired another Kline Hawkes portfolio company, CampusLink Communications, Inc., in a stock transaction. Based in Ann Arbor, MI, CampusLink specializes in providing integrated communications services to centers for higher education, the hospital industry and Fortune 500 companies world wide.
According to the Company's original S-1 filing, PaeTec seeks a listing under the symbol "PAET" on the Nasdaq. The underwriters are Merrill Lynch and Bear Stearns. The preliminary filing indicated that the IPO proceeds will be used for market expansion, product development and to hire additional personnel. Kline Hawkes currently owns 7.4% of the company, pre-IPO.