Charlotte-based US LEC Corp. (www.uslec.com) has raised $10 million of equity capital in a private placement of 2 million shares of US LEC Class A common stock from several institutional investors. In addition, US LEC's founders sold 500,000 shares in the private offering. Kaufman Bros., L.P. served as the placement agent in this transaction.
According to company reports, US LEC plans to use the net proceeds from this private offering for general corporate purposes, including acquisitions, as well the repayment of a portion of outstanding debt to its senior lenders. The company is a telecommunications carrier providing integrated voice, data and Internet services to businesses.