Paetec, McLeodUSA adjourn special meetings

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Paetec Holding Corp. and McLeodUSA Inc. adjourned their special meetings of stockholders to Feb. 8 at 9 a.m. ET.

Stockholders were scheduled to vote Jan. 30 on the companies' proposed merger transaction.

The adjournment will give stockholders of each company sufficient time to review a supplement to the joint proxy statement/prospectus concerning the transaction, a news release stated.

The supplement includes information about Paetec's recent incremental term loan financing as well as a recent legal proceeding filed against the company.

It was previously reported that Paetec agreed to acquire McLeod in an all-stock merger valued at $557 million, including debt.

Paetec is a communication services company offering voice, data and internet protocol services. The company is based in Fairport, N.Y.

Privately held McLeodUSA provides managed IP-based communications services and traditional circuit-switched telephony services. The company is located in Cedar Rapids, Iowa.

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