Big happenings today in the Pacific Northwest telecommunications industry. Portland-based Integra Telecom is buying Electric Lightwave, the 16-year-old Vancouver, Wash.-based subsidiary of Citizens Communications Company, for $243 million in cash, according to this press release. As part of the deal, Integra raised $450 million -- one of the largest financing rounds in recent years in the telecom sector.

A privately-held provider of local, long-distance and Internet services for small and mid-size businesses, Integra will use the money for future acquisitions and continued growth. I don't think this will get classified as a venture capital round, since it involves debt financing and includes investors such as Goldman Sachs Specialty Lending Group. But it is a big chunk of change.

With the acquisition, the company said that it represents about 10 percent to 15 percent of the small to mid-sized businesses in metropolitan areas in Oregon, Washington, Utah, Minnesota and North Dakota. It also gives Integra access to Electric Lightwave's 2,200 mile metropolitan area network. Here is coverage from The Houston Chronicle .