Network Access Solutions (NAS) said SBC converted NAS preferred s...
Network Access Solutions (NAS) said SBC converted NAS preferred stock into common and agreed to resell NAS’s broadband services in Verizon territory. Preferred shares, which were issued as part of $75 million SBC investment in NAS in March, were…
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converted into 2.6 million common shares at $31 per share. “This will help SBC flesh out our DSL network” in northeast U.S., SBC executive said. NAS also will assign to SBC the central office sites in BellSouth and Qwest territories that were built under agreement between 2 companies and Telefonos de Mexico. NAS will take $24 million reduction in “paid-in capital” in 4th quarter to reflect transaction.