MEBANE,Madison River Communications, a provider of telecommunications and data services, has filed for an initial public offering of stock.

The company said proceeds would be used to repay debt.

Merrill Lynch will handle the offering.

Madison River offers services in some rural areas of North Carolina, Illinois, Alabama and Georgia. The company reported revenues of $50.5 million and net income of $1.2 million in the third quarter.

Madison River: