NET-tel Gets $210M in Financing
WASHINGTON (AP) _ Telecommunications company NET-tel Communications Inc. said today it has arranged for $210 million in equity and debt financing to construct a 50-city Internet, data and voice network.
Nortel Networks Corp. will provide $150 million of the financing and Williams Communications Group Inc., $30 million, NET-tel said in a statement. Also, Allied Capital Corp. and Gold & Appel together will invest $30 million.
The privately held NET-tel, based in Washington, provides local, long distance and Internet service to small and mid-sized businesses in 22 markets, including New York, Chicago and Los Angeles.