Corvis' Broadwing to make convertible coupon, principal payment in stock

New York, Oct. 20 - Broadwing Corp. said it will pay the $32.14 million of principal and $2.43 million coupon due Nov. 19 on its convertible senior notes in shares of common stock.

The number of shares will be determined using a formula based on the stock price for the 20 days ending Nov. 16.

Payment in stock is allowed under the terms of the notes, Broadwing's parent Corvis Corp. said in an 8-K filing with the Securities and Exchange Commission. Corvis is a Columbia, Md., provider of optical telecommunications services.

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