------------------------------
OMB APPROVAL
------------------------------
OMB Number 3235-0287
Expires: January 31, 2005
Estimated average burden
hours per response ....... 0.5
------------------------------
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)
================================================================================
1. Name and Address of Reporting Person*
Forstmann Theodore J.
--------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Forstmann Little & Co.
767 Fifth Avenue, 44th Floor
--------------------------------------------------------------------------------
(Street)
New York New York 10153
--------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer Name AND Ticker or Trading Symbol
McLeodUSA Incorporated; Nasdaq/NMS: MCLD
================================================================================
3. IRS or Social Security Number of Reporting Person (voluntary)
================================================================================
4. Statement for Month/Day/Year
October 28, 2002
================================================================================
5. If Amendment, Date of Original (Month/Day/Year)
================================================================================
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
--------------------------------------------------------------------
================================================================================
7. Individual or Joint/Group Filing
(Check Applicable Line)
[ X ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
================================================================================
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
================================================================================
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)
------------------------------------------------------------------------------------------------------------------------------------
Class A Common Stock 10/28/02 P 80,000 A $0.32 80,000 D
-----------------------------------------------------------------------------------------------------------------------------------
46,267,352 I (1)
-----------------------------------------------------------------------------------------------------------------------------------
27,760,412 I (1)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
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)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Explanation of Responses:
See Exhibit A attached hereto.
/s/ Theodore J. Forstmann 10/29/02
--------------------------------------------- -----------------------
**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
------------------------------------
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
----------------------------------------
McLeodUSA Incorporated; Nasdaq/NMS : MCLD
October 28, 2002
(1) As previously reported by the Reporting Person on a Statement of
Changes in Beneficial Ownership on Form 4, pursuant to an Amended and
Restated Purchase Agreement, dated as of January 30, 2002 (as amended
on April 16, 2002), by and among McLeodUSA Incorporated (the
"Issuer"), Forstmann Little & Co. Equity Partnership-VII, L.P.
("Equity-VII"), Forstmann Little & Co. Subordinated Debt and Equity
Management Buyout Partnership-VIII, L.P. ("MBO-VIII") and the other
parties signatory thereto, Equity-VII and MBO-VIII purchased from the
Issuer, among other securities, for an aggregate purchase price of
$175 million, 74,027,764 shares of the Issuer's Class A Common Stock,
of which 46,267,352 shares were issued to Equity-VII and 27,760,412
shares were issued to MBO-VIII. The Reporting Person is a general
partner of FLC XXXII Partnership, L.P., which is the general partner
of Equity-VII, and a general partner of FLC XXXIII Partnership, L.P.,
which is the general partner of MBO-VIII. The Reporting Person
disclaims beneficial ownership of the securities issued to Equity-VII
and MBO-VIII, except to the extent of his "pecuniary interest" (as
such term is defined in Rule 16a-1 under the Securities and Exchange
Act of 1934, as amended), if any, and this report shall not be deemed
an admission that the Reporting Person is the beneficial owner of such
securities for Section 16 purposes and for all other purposes.