<PAGE>

                                                                     EXHIBIT 4.2

                                                            CUSIP_______________

                    13 1/4% Series B Senior Notes due 2010


No. 1

$_____________.00



                          MADISON RIVER CAPITAL, LLC
                          MADISON RIVER FINANCE CORP.


promises to pay to CEDE & CO.

or registered assigns,

the principal sum of _________________

Dollars on March 1, 2010.

Interest Payment Dates:  March 1 and September 1

Record Dates:  February 15 and August 15

Issuance Date:  February 17, 2000

Dated:  ____________, 2000



                                        MADISON RIVER CAPITAL, LLC


                                        By:____________________________
                                        Name: J. Stephen Vanderwoude
                                        Title: Chief Executive Officer



This is one of the Notes referred to    MADISON RIVER FINANCE CORP.

in the within-mentioned Indenture:

NORWEST BANK MINNESOTA,                 By:____________________________
NATIONAL ASSOCIATION                       Name: Paul H. Sunu
as Trustee                                 Title: Secretary & Treasurer


By: _________________________
    Authorized Signatory

    (SEAL)

<PAGE>

                    13 1/4%  Series B Senior Notes due 2010

"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS."

          Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.

          1.  Interest.  Madison River Capital, LLC, a Delaware limited
liability company (the "Company"), and Madison River Finance Corp., a Delaware
corporation ("Madison River Finance" and, together with the Company, the
"Issuers"), promise to pay interest on the principal amount of this Note at 13
1/4% per annum from February 17, 2000 until maturity.  The Issuers will pay
interest semi-annually in arrears on March 1 and September 1 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date").  Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be September 1, 2000.  The
Issuers shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to
time on demand at a rate that is 1% per annum in excess of the rate then in
effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

          2.  Method of Payment.  The Issuers will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business

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<PAGE>

on the February 15 or August 15 next preceding the Interest Payment Date, even
if such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. The Notes will be payable as to principal, premium and
interest at the office or agency of the Paying Agent and Registrar maintained
for such purpose within or without the City and State of New York, or, at the
option of the Issuers, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, and provided
that payment by wire transfer of immediately available funds will be required
with respect to principal of, interest and premium on, all Global Notes and all
other Notes the Holders of which shall have provided wire transfer instructions
to the Issuers or the Paying Agent. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

          3.  Paying Agent and Registrar.  Initially, Norwest Bank Minnesota,
National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuers may change any Paying Agent or Registrar without
notice to any Holder.  Either Issuer or any of its Subsidiaries may act in any
such capacity.

          4.  Indenture.  The Issuers issued the Notes under an Indenture dated
as of February 17, 2000 ("Indenture") between the Issuers and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S. Code (S)(S) 77aaa-77bbbb).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and such Act for a statement of such
terms.  To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling.  The Notes are obligations of the Issuers limited to $350.0 million
in aggregate principal amount of which $200.0 million are Initial Notes and up
to $150.0 million may be issued as Additional Notes.

          5.  Optional Redemption.

              (a) Except as set forth in subparagraph (b) of this Paragraph 5,
the Issuers shall not have the option to redeem the Notes pursuant to this
Paragraph 5 prior to March 1, 2005. Thereafter, the Issuers shall have the
option to redeem the Notes, in whole or in part, upon not less than 30 nor more
than 60 days' notice, at the redemption prices (expressed as percentages of
principal amount) set forth below plus accrued and unpaid interest thereon, if
any, to the applicable redemption date, if redeemed during the twelve-month
period beginning on March 1 of the years indicated below:

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<PAGE>

     Year                             Percentage
     ----                             ----------

     2005..........................   106.625%
     2006..........................   104.417%
     2007..........................   102.208%
     2008 and thereafter...........   100.000%

               (b)  Notwithstanding the provisions of subparagraph (a) of this
Paragraph 5, at any time prior to March 1, 2003, the Issuers may on any one or
more occasions redeem up to 35% of the aggregate principal amount of Notes
originally issued under the Indenture with the net proceeds of one or more
Public Equity Offerings by the Company or the net cash proceeds of a Strategic
Equity Investment in the Company or a capital contribution to the Company's
common equity made with the net cash proceeds of a concurrent Public Equity
Offering by, or Strategic Investment in, the Company's direct parent at a
redemption price equal to 113.250% of the principal amount thereof plus accrued
and unpaid interest thereon, if any, to the redemption date; provided that (1)
at least 65% in aggregate principal amount of the Notes remains outstanding
immediately after the occurrence of such redemption, excluding Notes held by the
Company and its Subsidiaries and (2) that such redemption occurs within 60 days
of the date of the closing of such Public Equity Offering or Strategic Equity
Investment.

          6.   Mandatory Redemption.

          Except as set forth in Paragraph 7 below, the Issuers shall not be
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

          7.   Repurchase at Option of Holder.

               (a)  If there is a Change of Control, the Issuers shall be
required to make an offer (a "Change of Control Offer") to repurchase all or any
part (equal to $1,000 or an integral multiple thereof) of each Holder's Notes at
a purchase price equal to 101% of the aggregate principal amount of the Notes
repurchased plus accrued and unpaid interest thereon, if any, to the date of
purchase or, in the case of repurchases of Notes prior to the full Accretion
Date, at a purchase price equal to 101% of the aggregate principal amount of
Notes repurchased plus accrued and unpaid interest thereon, if any, to such date
of repurchase (in either case, the "Change of Control Payment"). Within 30 days
following any Change of Control, the Issuers shall mail a notice to each Holder
setting forth the procedures governing the Change of Control Offer as required
by the Indenture.

               (b)  If the Company or a Subsidiary consummates any Asset Sales,
within five Business Days of each date on which the aggregate amount of Excess
Proceeds exceeds $10 million, the Issuers shall commence an offer to all Holders
of Notes (as "Asset Sale

                                       4
<PAGE>

Offer") pursuant to Section 3.09 of the Indenture to purchase the maximum
principal amount of Notes (including any Additional Notes) that may be purchased
out of the Excess Proceeds at an offer price in cash in an amount equal to 100%
of the principal amount thereof plus accrued and unpaid interest and Special
Interests thereon, if any, to the date of purchase, in accordance with the
procedures set forth in the Indenture. To the extent that the aggregate amount
of Notes (including any Additional Notes) tendered pursuant to an Asset Sale
Offer is less than the Excess Proceeds, the Company (or such Subsidiary) may use
such deficiency for any purpose not otherwise prohibited by the Indenture. If
the aggregate principal amount of Notes surrendered by Holders thereof and such
other pari passi indebtedness tendered exceeds the amount of Excess Proceeds,
the Trustee shall select the Notes and such other pari passi indebtedness to be
purchased on a pro rata basis. Holders of Notes that are the subject of an offer
to purchase will receive an Asset Sale Offer from the Issuers prior to any
related purchase date and may elect to have such Notes purchased by completing
the form entitled "Option of Holder to Elect Purchase" on the reverse of the
Notes.

          8.   Notice of Redemption.  Notice of redemption will be mailed at
least 30 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed at its registered address.  Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed.  On and after the redemption date, interest ceases to accrue on Notes
or portions thereof called for redemption.

          9.   Denominations, Transfer, Exchange.  The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of
$1,000.  The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents,
and the Issuers may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture.  The Issuers need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part.  Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

          10.  Persons Deemed Owners.  The registered Holder of a Note may be
treated as its owner for all purposes.

          11.  Amendment, Supplement and Waiver.  Subject to certain exceptions,
the Indenture or the Notes may be amended or supplemented with the consent of
the Holders of at least a majority in principal amount of the then outstanding
Notes and Additional Notes, if any, voting as a single class, and any existing
default or compliance with any provision of the

                                       5
<PAGE>

Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes and Additional Notes,
if any, voting as a single class. Without the consent of any Holder of a Note,
the Indenture or the Notes may be amended or supplemented to cure any ambiguity,
defect or inconsistency, to provide for uncertificated Notes in addition to or
in place of certificated Notes, to provide for the assumption of the Issuers'
obligations to Holders of the Notes in case of a merger or consolidation, to
make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act, or to provide for the Issuance of Additional Notes in accordance
with the limitations set forth in the Indenture.

          12.  Defaults and Remedies.  Events of Default include:  (i) default
for 30 days in the payment when due of interest on the Notes; (ii) default in
payment when due of principal of or premium, if any, on the Notes when the same
becomes due and payable at maturity, upon redemption (including in connection
with an offer to purchase) or otherwise, (iii) failure by the Company to comply
for 30 days after notice with Section 4.07 or 4.09, or to comply with Sections
4.10, 4.15 or 5.01 of the Indenture; (iv) failure by the Company for 45 days
after notice to the Company by the Trustee or the Holders of at least 25% in
principal amount of the Notes (including Additional Notes, if any) then
outstanding voting as a single class to comply with certain other agreements in
the Indenture or the Notes; (v) default under certain other agreements relating
to Indebtedness of the Company which default results in the acceleration of such
Indebtedness prior to its express maturity; (vi) certain final judgments for the
payment of money that remain undischarged for a period of 60 days; and (vii)
certain events of bankruptcy or insolvency with respect to the Company or any of
its Restricted Subsidiaries. If any Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then
outstanding Notes may declare all the Notes to be due and payable.
Notwithstanding the foregoing, in the case of an Event of Default arising from
certain events of bankruptcy or insolvency, all outstanding Notes will become
due and payable without further action or notice.  Holders may not enforce the
Indenture or the Notes except as provided in the Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing Default or Event
of Default (except a Default or Event of Default relating to the payment of
principal or interest) if it determines that withholding notice is in their
interest.  The Holders of a majority in aggregate principal amount of the Notes
then outstanding by notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its consequences
under the Indenture except a continuing Default or Event of Default in the
payment of interest on, or the principal of, the Notes.  The Issuers are
required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Issuers are required upon becoming

                                       6
<PAGE>

aware of any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default.

          13.  Trustee Dealings with Company.  The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Issuers or their Affiliates, and may otherwise deal with the
Issuers or their Affiliates, as if it were not the Trustee.

          14.  No Recourse Against Others.  A director, officer, employee,
incorporator or stockholder, of the Issuers, as such, shall not have any
liability for any obligations of the Issuers under the Notes or the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation.  Each Holder by accepting a Note waives and releases all such
liability.  The waiver and release are part of the consideration for the
issuance of the Notes.

          15.  Authentication.  This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

          16.  Abbreviations.  Customary abbreviations may be used in the name
of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

          17.  CUSIP Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuers have caused
CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders.  No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

          The Issuers will furnish to any Holder upon written request and
without charge a copy of the Indenture.  Requests may be made to:

Madison River Capital, LLC
Madison River Finance Corp.
c/o Madison River Telephone Company, LLC
103 South Fifth Street
Mebane, NC 27302
Attention: General Counsel

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<PAGE>

                                ASSIGNMENT FORM



     To assign this Note, fill in the form below:



(I) or (we) assign and transfer this Note to:___________________________________
                                               (Insert assignee's legal name)

________________________________________________________________________________
                 (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Issuers.The agent may substitute
another to act for him.

Date:  _______________


                   Your Signature:_____________________________________________
                    (Sign exactly as your name appears on the face of this Note)


Signature Guarantee*:  _________________________

* Participant in a recognized Signature Guarantee Medallion Program (or other
  signature guarantor acceptable to the Trustee).
<PAGE>

                      OPTION OF HOLDER TO ELECT PURCHASE


     If you want to elect to have this Note purchased by the Issuers pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

         [_] Section 4.10               [_] Section 4.15

     If you want to elect to have only part of the Note purchased by the Issuers
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

                                $_______________

Date:  _______________

                   Your Signature: ____________________________________________
                    (Sign exactly as your name appears on the face of this Note)


                   Tax Identification No.:_____________________________________

Signature Guarantee*:  _________________________

* Participant in a recognized Signature Guarantee Medallion Program (or other
  signature guarantor acceptable to the Trustee).
<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE


     The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been
made:


<TABLE>
<CAPTION>                                                                       Principal Amount
                         Amount of decrease in     Amount of increase in      [at maturity] of this
                           Principal Amount          Principal Amount         Global Note following      Signature of authorized
                           [at maturity] of          [at maturity] of             such decrease           officer of Trustee or
Date of Exchange           this Global Note          this Global Note             (or increase)              Note Custodian
----------------           ----------------          ----------------             -------------              --------------
<S>                      <C>                       <C>                        <C>                        <C>
</TABLE>