XO Raises $200 Million in Preferred Stock Offering

XO Communications completed a private placement of 6% Class A Convertible Preferred Stock and has received total proceeds of $200 million. XO privately offered the shares of preferred stock to XO stockholders that currently hold an aggregate of approximately 85% of XO's outstanding common stock. Affiliates of Carl C. Icahn, XO's chairman and owner of approximately 50% of XO's outstanding common stock, purchased $190 million of the preferred stock, and an affiliate of Amalgamated Gadget, L.P., holder of approximately 9.4% of XO's outstanding common stock, purchased an additional $10 million. http://www.xo.com