Broadwing Grounded by Debt Sale

The telco plans to place $125 million in convertible notes.
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Broadwing

(BWNG)

was grounded late Monday after the telco set plans to raise $125 million in a convertible notes placement.

The Austin, Texas, company said it would sell 20-year senior unsecured convertible debentures to qualified institutional and overseas buyers.

Shares of Broadwing, which have more than tripled over the last year, fell 84 cents late Monday to $13.20.