BellSouth Corp’s BellSouth Telecommunications Corp issued $300m of 7.625% debentures due May 15 2035 at $97.859 to yield 7.8%. The debentures, which are non-callable for life, were issued via Morgan Stanley & Co Inc as lead manager of the syndicate.
MEMC Electronic Materials Inc, St Peters, Missouri maker of silicon wafers owned by Veba AG, has filed with the US Securities & Exchange Commission to go public with an initial offer of shares representing up to a 45% interest in the company. The company gave no indication of pricing or number of shares but looks for net proceeds to be sufficient to repay $150m of debt under a short-term credit facility with Westdeutsche LandesBank Girozentrale, and to prepay $125m of long-term debt owed to Huls Corp, with the balance to go to working capital. J P Morgan Securities Inc and Credit Suisee First Boston have been signed as managing underwriters.
Ultratech Stepper Inc, making wafer steppers in San Jose got its offer of 2.4m shares, all new, away at $34 each, and will use the $70m or so net proceeds for capital expenditure and working capital. Montgomery Securities, PaineWebber Inc and Smith Barney Inc were the lead underwriters for the offering.
