AT&T Corp will raise up to $265m in new money with the sale of British Telecommunications Plc’s 35.9m shares in the company at $49.75 per share, if the underwriters exercise the usual over-allotment option – spare shares made available to cover the possibility that two brokers may allocate the same block of shares to two different buyers. The issue will raise $1,760m before expenses for British Telecom. The offering is being made through a world-wide group of investment banking firms jointly led by Goldman Sachs & Co and Morgan Stanley & Co Inc.
DSC Communications Corp, Dallas has raised $225m with the sale of 9% senior unsecured notes with an eight-year maturity and a four year six month average life in a private placing. The communications equipment company did not give plans for the cash raised or name the placing agent acting for it.
Timeline Inc, Bellevue, Washington developer of enterprise-wide financial reporting and management client-server software, has gone public with the sale of 1m units at $5 per unit, and expected to receive $4.5m from the issue, to be used for working capital. The placing was handled by an underwriting group led by Thomas James & Associates.
