BBN Corp, the Cambridge, Massachusetts former Bolt, Beranek & Newman Inc has raised $53m in a private placing of 2.4m new shares. The transaction included sale of 1.9m shares to European purchasers under a Regulation S offering. BBN plans to use the proceeds for working capital, including the planned expansion of its Internet network infrastructure and investment in development or acquisition of Internet-related services. No agents were named.
Sprint Spectrum LP, the wireless communications venture that includes Sprint Corp, has filed with the US Securities & Exchange Commission to offer up to $650m in debt securities – $150m in senior notes and senior discount notes calculated to produce gross proceeds of $500m. Both notes are due 2006. Net proceeds will be used to fund capital expenditures for the build-out of a US-wide Personal Communications Services network and fund working capital and debt service requirements. Sprint Spectrum is controlled by subsidiaries of Sprint, Tele-Communications Inc, Comcast Corp and Cox Communications Corp. The offer will be made via Lehman Brothers and Merrill Lynch & Co, the partnership said.
Siemens AG is raising about $75m with an issue of a 250m mark convertible bond due July 17 2001, priced at DM85.63% and with a coupon of 1%. The bonds are convertible into existing shares of Siemens at any time from 40 days after closing until 21 days before maturity. Redemption price is par, and a conversion premium of 25% has been set. After two years, Siemens has the option to deliver market value of the shares instead of delivering shares and the deal is callable after three years. Lead manager for the issue was Deutsche Morgan Grenfell.
Dassault Systemes SA, Paris electronic and computer systems division of Dassault SA is going public on Nasdaq with an initial offer of 7.8m shares at a target price of $21 to $23 a share, increased up from a range of $19 to $21 a share. About 60% of the shares are to be offered in the US and Canada in the form of shares or American Depository Shares, and the rest internationally. The underwriters for the offering were not named.
Vocalis Group Plc set a share price of 95 pence for its flotation via a placing on the London Stock Exchange early next month. The Logica Plc speech recognition products spin-out is placing 5.3m shares with institutional investors, putting a 30.5m British pounds valuation on the company and raising 4.4m pounds net of new money. Vocalis plans to use some of the proceeds for redemption of preference shares, but the bulk is wanted for further product development and the expansion of sales and marketing. For the year to end-March, it made a pre-tax loss of 1.2m pounds on turnover of 535,000 pounds. The placing is being handled by Albert E Sharp, and dealing in the new shares is scheduled to begin on Tuesday July 2.
