Intermedia Communications to Redeem 12 1/2% Senior Discount Notes Due 2006
CLINTON, Miss., August 21, 2001 - WorldCom, Inc. (Nasdaq: WCOM,
MCIT) today announced that its wholly owned subsidiary, Intermedia
Communications Inc., will redeem all of its outstanding 12 1/2% Senior
Discount Notes due 2006 (CUSIP No. 4558801AF4) (the "Notes").
WorldCom has set September 28, 2001 as the redemption date for the
Notes.
The aggregate outstanding principal amount of the Notes is
$317,105,000. Holders of the Notes who surrender their notes for
payment as described in the notice of redemption will receive an amount
equal to the sum of 106.250% of the principal amount thereof (the
"Redemption Price"), plus accrued and unpaid interest on the
Notes to the redemption date.
On and after September 28, 2001, interest on the Notes will cease to
accrue and holders will have no other rights as holders other than the
right to receive payment of the foregoing Redemption Price plus accrued
and unpaid interest to the redemption date, unless there is a default
in such payment.
The notice of redemption is being sent to holders of the Notes in
accordance with the Indenture governing the Notes. Copies of the notice
of redemption with respect to the Notes can be obtained from SunTrust
Bank, the trustee and paying agent with respect to such Notes, by
calling 1-800-273-7827, extension 5321.
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All inquiries concerning this release should be directed to the
Investor Relations Department of WorldCom, Inc., at 500 Clinton Center
Drive, Clinton, Mississippi 39056 (1-877-624-9266).
About WorldCom, Inc.
WorldCom, Inc. (Nasdaq: WCOM, MCIT) is a preeminent global
communications company for the digital generation, generation d,
operating in more than 65 countries with 2000 revenues of approximately
$35 billion. WorldCom provides the innovative technologies and services
that are the foundation for business in the 21st century. For more
information, go to http://www.worldcom.com.