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OMB APPROVAL
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OMB Number 3235-0287
Expires: January 31, 2005
Estimated average burden
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Forstmann Theodore J.
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(Last) (First) (Middle)
c/o Forstmann Little & Co.
767 Fifth Avenue, 44th Floor
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(Street)
New York New York 10153
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(City) (State) (Zip)
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2. Issuer Name AND Ticker or Trading Symbol
McLeodUSA Incorporated; Nasdaq/NMS: MCLD
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3. IRS or Social Security Number of Reporting Person (voluntary)
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4. Statement for Month/Day/Year
November 11, 2002
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5. If Amendment, Date of Original (Month/Day/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing
(Check Applicable Line)
[ X ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Follow- Form: 7.
Deemed Transaction (Instr. 3, 4 and 5) ing Reported Direct Nature of
2. Execution Code ------------------------------- Transac- (D) or Indirect
1. Transac- Date, if (Instr. 8) (A) tions(s) Indirect Beneficial
Title of Security tion Date any ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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9.
Number
of 10.
Deriva- Owner-
tive ship
2. Securi- Form of
Conver- 5. 7. ties Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or 3A. Derivative 6. of Underlying 8. ficially Secur- of
Exer- Deemed 4. Securities Date Securities Price Owned ity: In-
cise 3. Execu- Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price Trans- tion action or Disposed Expiration Date ---------------- Deriv- ing Re- (D) or Bene-
1. of action Date, Code of(D) (Month/Day/Year) Amount ative ported In- ficial
Title of Deriv- Date if any (Instr. (Instr. 3, ---------------- or Secur- Transac- direct Owner-
Derivative ative (Month/ (Month/ 8) 4 and 5) Date Expira- Number ity tion(s) (I) ship
Security Secur- Day/ Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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2.5% $3.589744 11/11/02 P 133,389 Immed. 4/17/12 Class A 655,690 $3.70 536,767 D
Series A Common (1)
Convertible Stock
Preferred
Stock
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Explanation of Responses:
See Exhibit A attached hereto.
/s/ Theodore J. Forstmann 11/13/02
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM
ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID
OMB CONTROL NUMBER.
Name and Address of Reporting Person
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Theodore J. Forstmann
c/o Forstmann Little & Co.
767 Fifth Avenue, 44th Floor
New York, New York 10153
Issuer Name and Ticker or Trading Symbol
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McLeodUSA Incorporated; Nasdaq/NMS : MCLD
November 11, 2002
(1) Pursuant to the Certificate of Designation (the "Series A
Certificate") of the 2.5% Series A Convertible Preferred Stock of the
Issuer (the "Series A Preferred Stock"), each share of Series A
Preferred Stock is presently convertible into 4.915624 shares of Class
A Common Stock of the Issuer, subject to adjustment as set forth in
the Series A Certificate.