Covad plans new debt financing with buyout by Platinum Equity

By Sara Rosenberg

New York, Oct. 29 - Covad Communications Group Inc. is planning on getting new debt financing to help fund its buyout by Platinum Equity, according to an 8-K filed with the Securities and Exchange Commission Monday.

Under the agreement, Platinum Equity will acquire Covad for $1.02 per share in cash.

The transaction is expected to close by the end of the second quarter of 2008, subject to the approval of Covad's shareholders and the satisfaction of customary closing conditions, including approval of the Federal Communications Commission and state public utility commissions in many of the states in which Covad operates.

Covad is a San Jose, Calif., provider of integrated voice and data communications.

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