UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)*
MCLEODUSA INCORPORATED
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(Name of Issuer)
CLASS A COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of Class of Securities)
582266 10 2
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(CUSIP Number)
FRIED, FRANK, HARRIS, FORSTMANN LITTLE & CO. SUBORDINATED DEBT
SHRIVER & JACOBSON & EQUITY MANAGEMENT BUYOUT
ONE NEW YORK PLAZA PARTNERSHIP-VI, L.P.
NEW YORK, NY 10004 FORSTMANN LITTLE & CO. SUBORDINATED DEBT
ATTN: STEPHEN FRAIDIN, ESQ. & EQUITY MANAGEMENT BUYOUT
(212) 859-8000 PARTNERSHIP-VII, L.P.
FORSTMANN LITTLE & CO. EQUITY
PARTNERSHIP-V, L.P.
FORSTMANN LITTLE & CO. SUBORDINATED DEBT
& EQUITY MANAGEMENT BUYOUT
PARTNERSHIP-VIII, L.P.
FORSTMANN LITTLE & CO. EQUITY
PARTNERSHIP-VII, L.P.
THEODORE J. FORSTMANN
THOMAS H. LISTER
C/O FORSTMANN LITTLE & CO.
767 FIFTH AVENUE
NEW YORK, NY 10153
ATTN: MR. WINSTON W. HUTCHINS
(212) 355-5656
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
OCTOBER 30, 2002
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box. [ ]
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
SCHEDULE 13D
CUSIP No. 582266102 Page 2 of 7
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
THEODORE J. FORSTMANN
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
PF
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,382,297
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY EACH 0
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON WITH 2,382,297
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,382,297
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
14. TYPE OF REPORTING PERSON*
IN
This Amendment No. 5, filed on behalf of Forstmann Little & Co.
Subordinated Debt & Equity Management Buyout Partnership-VI, L.P., a
Delaware limited partnership ("MBO-VI"), Forstmann Little & Co.
Subordinated Debt & Equity Management Buyout Partnership-VII, L.P., a
Delaware limited partnership ("MBO-VII"), Forstmann Little & Co. Equity
Partnership-V, L.P., a Delaware limited partnership ("Equity-V" and,
together with MBO-VI and MBO-VII, the "FL Partnerships"), Forstmann Little
& Co. Subordinated Debt & Equity Management Buyout Partnership-VIII, L.P.,
a Delaware limited partnership ("MBO-VIII"), Forstmann Little & Co. Equity
Partnership-VII, L.P., a Delaware limited partnership ("Equity-VII"),
Theodore J. Forstmann ("Mr. Forstmann") and Thomas H. Lister ("Mr. Lister"
and, together with the FL Partnerships, MBO-VIII, Equity-VII and Mr.
Forstmann, the "Reporting Persons"), amends and supplements the Schedule
13D filed on behalf of the FL Partnerships with the Securities and Exchange
Commission on September 22, 1999 (as amended by Amendment No. 1 filed on
October 2, 2001, Amendment No. 2 filed on December 7, 2001, Amendment No. 3
filed on February 4, 2002 and Amendment No. 4 filed on April 22, 2002, the
"Schedule 13D"), relating to the Class A Common Stock, par value $0.01 per
share (the "Class A Common Stock"), of McLeodUSA Incorporated, a Delaware
corporation ("McLeodUSA"). Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Schedule 13D.
ITEM 3. Source and Amount of Funds or Other Consideration
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Item 3 is hereby amended to add the following at the end thereof:
The total amount of funds used by Mr. Forstmann to purchase the
210,000 shares of Class A Common Stock and the 403,378 shares of 2.5%
Series A Convertible Preferred Stock of McLeodUSA (the "Series A Preferred
Stock") purchased for his own account was $841,818.20. These funds were
obtained from the personal funds of Mr. Forstmann.
ITEM 5. Interest in Securities of the Issuer
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Clause (vi) (entitled "Theodore J. Forstmann") of Item 5 is hereby amended
to read as follows:
(vi) Theodore J. Forstmann:
(a) Amount Beneficially Owned:
Mr. Forstmann directly owns 210,000 shares of Class A Common Stock and
403,378 shares of Series A Preferred Stock which are presently convertible
into 1,991,047 shares of Class A Common Stock. In addition, Mr. Forstmann
directly owns options to purchase shares of Class A Common Stock, of which
181,250 have vested and are presently exercisable for 181,250 shares of
Class A Common Stock at a price of $1.11 per share.
The shares of Class A Common Stock and Series A Preferred Stock
directly owned by Mr. Forstmann, together with the shares of Class A Common
Stock for which the options directly owned by Mr. Forstmann are presently
exercisable, represent approximately 1.4% of the Class A Common Stock
outstanding, based on calculations made in accordance with Rule 13d-3(d) of
the Exchange Act and there being 162,499,986 shares of Class A Common Stock
outstanding as of August 8, 2002 as disclosed by McLeodUSA in its Form 10-Q
for the quarterly period ended June 30, 2002.
(b) Assuming conversion of the shares of Series A Preferred Stock and
exercise of the vested options, the number of shares as to which Mr.
Forstmann has:
(i) sole power to vote or to direct the vote - 2,382,297.
(ii) shared power to vote or to direct the vote -- None.
(iii) sole power to dispose or to direct the disposition of -
2,382,297.
(iv) shared power to dispose or to direct the disposition of --
None.
(c) During the past 60 days, Mr. Forstmann purchased the following
shares of Class A Common Stock and Series A Preferred Stock, all in open
market transactions:
Purchase Date Number of Shares Number of Shares of Per Share Purchase
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of Class A Series A Preferred Stock Price
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Common Stock
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10/28/02 80,000 $0.32
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10/29/02 80,000 $0.35
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20,000 $0.34
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10/30/02 20,000 $0.37
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10,000 $0.36
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300,000 $1.93
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53,378 $1.90
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50,000 $1.80
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: November 1, 2002
FORSTMANN LITTLE & CO. SUBORDINATED DEBT
AND EQUITY MANAGEMENT BUYOUT
PARTNERSHIP-VI, L.P.
By: FLC XXIX Partnership, L.P.,
its general partner
By: /s/ Winston W. Hutchins
---------------------------------
Winston W. Hutchins,
a general partner
FORSTMANN LITTLE & CO. SUBORDINATED DEBT
AND EQUITY MANAGEMENT BUYOUT
PARTNERSHIP-VII, L.P.
By: FLC XXXIII Partnership, L.P.,
its general partner
By: /s/ Winston W. Hutchins
---------------------------------
Winston W. Hutchins,
a general partner
FORSTMANN LITTLE & CO. EQUITY PARTNERSHIP-
V, L.P.
By: FLC XXX Partnership, L.P.,
its general partner
By: /s/ Winston W. Hutchins
---------------------------------
Winston W. Hutchins,
a general partner
FORSTMANN LITTLE & CO. SUBORDINATED DEBT
AND EQUITY MANAGEMENT BUYOUT
PARTNERSHIP-VIII, L.P.
By: FLC XXXIII Partnership, L.P.,
its general partner
By: /s/ Winston W. Hutchins
---------------------------------
Winston W. Hutchins,
a general partner
FORSTMANN LITTLE & CO. EQUITY PARTNERSHIP-
VII, L.P.
By: FLC XXXII Partnership, L.P.,
its general partner
By: /s/ Winston W. Hutchins
---------------------------------
Winston W. Hutchins,
a general partner
/s/ Theodore J. Forstmann
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Theodore J. Forstmann
/s/ Thomas H. Lister
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Thomas H. Lister