Merrill Lynch & Co. last week completed a $410 million financing package for Teligent Inc.-one of the most closely watched companies in the junk bond market.

Led by Alex Mandl, the former president of AT&T Corp., Vienna, Va.-based Teligent is a competitive local exchange carrier, or 'CLEC.' CLECs, which uses wireless technology to provide local and long distance telecommunications services, are considered one of the fastest growing sectors of the red-hot telecommunications market.

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