<PAGE>

                                                                     Exhibit 4.7

    8% SERIES B CONVERTIBLE                              8% SERIES B CONVERTIBLE
  REDEEMABLE PREFERRED STOCK                          REDEEMABLE PREFERRED STOCK

           NUMBER                                               SHARES
B

                                  ITC/\DELTACOM

INCORPORATED UNDER THE LAWS OF                              SEE REVERSE FOR
    THE STATE OF DELAWARE                                 CERTAIN DEFINITIONS

                                                           CUSIP 45031T 80 7

     This certifies that





     is the owner of

       FULLY PAID AND NON-ASSESSABLE SHARES OF THE 8% SERIES B CONVERTIBLE
REDEEMABLE PREFERRED STOCK, PAR VALUE OF $.01 PER SHARE, OF
                              ITC/\DeltaCom, Inc.
(hereinafter, the "Corporation") transferable on the books of the Corporation by
the holder hereof in person or by duly authorized attorney upon surrender of
this certificate properly endorsed.

This certificate and the shares represented hereby are issued and shall be held
subject to all of the provisions of the Certificate of Incorporation and Bylaws
of the assents. This certificate is not valid unless countersigned and
registered by the Transfer Agent and Registrar.

       WITNESS the facsimile seal of the Corporation and the facsimile
signatures of the duly authorized officers of the Corporation.

Dated:
       /s/ J. Thomas Mullis            SEAL               /s/ Andrew M. Walker
           J. Thomas Mullis                                   Andrew M. Walker
              SECRETARY                                        PRESIDENT


Countersigned and Registered:
                          MELLON INVESTOR SERVICES LLC
                                                                  Transfer Agent
                                                                   and Registrar
By

                                                            Authorized Signature

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                               ITC/\DeltaCom, Inc.

THE SECURITIES EVIDENCED BY THIS CERTIFICATE SHALL BE REDEEMABLE AS PROVIDED IN
THE CERTIFICATE OF DESIGNATION AND THE CORPORATION'S CERTIFICATE OF
INCORPORATION AND SHALL BE CONVERTIBLE INTO THE CORPORATION'S COMMON STOCK IN
THE MANNER AND ACCORDING TO THE TERMS SET FORTH IN THE CERTIFICATE OF
DESIGNATION.

THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OR SERIES OF CAPITAL
STOCK. THE CORPORATION SHALL FURNISH TO ANY HOLDER UPON REQUEST AND WITHOUT
CHARGE THE POWERS. DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND
THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS OF EACH CLASS OR SERIES AUTHORIZED TO BE ISSUED BY THE CORPORATION SO FAR
AS THEY HAVE BEEN FIXED AND DETERMINED AND OF THE AUTHORITY OF THE BOARD OF
DIRECTORS TO FIX AND DETERMINE THE DESIGNATIONS, VOTING RIGHTS, PREFERENCES,
LIMITATIONS AND SPECIAL RIGHTS OF THE CLASSES AND SERIES OF SECURITIES OF THE
CORPORATION.

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  - as tenants in common         UNIF GIFT MIN ACT - _____ Custodian ____
TEN ENT  - as tenants by the entireties                     (Cust)       (Minor)
JT TEN   - as joint tenants with                   under Uniform Gifts to Motors
           right of survivorship and            Act __________________________
           not as tenants in common                         (State)

    Additional abbreviations may also be used though not in the above list.

     FOR VALUED RECEIVED, _______________________________ hereby sells, assigns
and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
________________________________________


________________________________________________________________________________

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Shares
of the capital stock represented by this Certificate, and does hereby
irrevocably constitute and appoint

_______________________________________________________________________ Attorney
to transfer the said stock on the books of the Corporation with full power of
substitution in the premises

Dated _______________________________

                          X
                          ------------------------------------------------------

                          X
                          ------------------------------------------------------
                          NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                          CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE
                          OF THE CERTIFICATE IN EVERY PARTICULAR. WITHOUT
                          ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURE(S) GUARANTEED:

By
________________________________________________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO SEC RULE
17Ad-15.