EXHIBIT 99.2
 
[MCLEODUSA LOGO APPEARS HERE]
 
McLeodUSA Incorporated
McLeodUSA Technology Park
6400 C Street SW, PO Box 3177
Cedar Rapids, IA 52406-3177
Press and Investor Contact: Bryce E. Nemitz
bnemitz@mcleodusa.com
Phone: (319) 298-7800
FAX: (319) 298-7767
 
FOR IMMEDIATE RELEASE
 
MCLEODUSA PROPOSED PRIVATE DEBT OFFERING--UPDATE
 
  Cedar Rapids, Iowa, October 22, 1998--McLeodUSA Incorporated
(NASDAQ/NMS:MCLD), announced today an update of its plans for a proposed
private offering of senior notes. The Company now plans to raise approximately
$300 million due November 1, 2008 in a proposed offering of 9.5% senior notes
to "qualified institutional buyers" as defined in Rule 144A under the
Securities Act of 1933 and pursuant to offers and sales that occur outside the
United States in accordance with Regulations S under the Securities Act of
1933.
 
  The senior notes proposed to be offered by McLeodUSA will not be registered
under the Securities Act of 1933 or any state securities laws and, unless so
registered may not be offered or sold except pursuant to an applicable
exemption from the registration requirements of the Securities Act of 1933 and
applicable state securities laws.
 
  This press release shall not constitute an offer to sell or the solicitation
of an offer to buy the proposed senior notes.
 
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