EarthLink Declares Quarterly Dividend of $0.05 Per Share

News provided by

Apr 26, 2011, 08:45 ET

ATLANTA, April 26, 2011 /PRNewswire/ -- EarthLink, Inc. (NASDAQ: ELNK) today announced that its Board of Directors has declared a quarterly cash dividend on its common stock in the amount of $0.05 per share to be paid on June 27, 2011 to shareholders of record on June 13, 2011.

Special Notice to Noteholders

Under the terms of the indenture governing EarthLink's outstanding 3.25% Convertible Senior Notes due 2026 (the "Notes"), EarthLink's payment of the cash dividend described above, combined with the payment of the $0.05 dividend on March 22, 2011, requires an adjustment to the conversion rate for the Notes, which adjustment will be effective June 9, 2011. In addition, as a result of the adjustment, the Notes may be surrendered for conversion through June 8, 2011 for the consideration provided for in the indenture.

In order to convert a Note held in certificate form, a holder must (1) complete and sign a Conversion Notice in the form attached to the applicable indenture, with appropriate signature guarantee, on the back of the Note, (2) surrender the Note to the Conversion Agent, (3) furnish endorsements and transfer documents required by the Conversion Agent, (4) pay any accrued unpaid interest through the conversion date and (5) pay any tax or duty related to the conversion. If a holder holds a beneficial interest in a Global Security, a converting holder must comply with the applicable procedures of the Depositary, The Depository Trust Company.

The Conversion Agent is Wells Fargo Bank, N.A.:
Wells Fargo Bank, N.A.,
Corporate Trust Services
MAC N9311-110
625 Marquette Avenue South
Minneapolis, MN 55479
Attention: Lynn Steiner

A separate notice with additional information is being delivered to registered holders of Notes, the Conversion Agent and the Trustee.

About EarthLink

EarthLink, Inc. (NASDAQ: ELNK) is a leading provider of Internet Protocol (IP) infrastructure and services to medium-sized and large businesses, enterprise organizations and over 1.5 million consumers across the United States. The company has been providing Internet access and communications services for decades and has earned an award-winning reputation for both outstanding customer service and product innovation. For consumers, EarthLink is a leading Internet Service Provider connecting people to the power and possibilities of the Internet. EarthLink Business™ provides voice, data, mobile and equipment services over a 28,000 mile fiber network and MPLS-based services nationwide. For more information, visit EarthLink's website www.earthlink.net.

SOURCE EarthLink