Covad Communications Group
Inc., a high speed digital communication services provider, said Monday it will offer up to 7.5 million common shares in its
initial sale of its stock to the public.
In a filing with the Securities and Exchange Commission,
Covad said the initial offering price of the stock is estimated at between $12 and $15 per share. Covad has been approved to
trade on Nasdaq under the stock symbol "COVD".
After the offering, outstanding common will total
44,747,105 shares.
Net proceeds will be used for capital expenditures to
expand the company's networks and for working capital
purposes.
The underwriters have been offered a 30-day over-allotment option for up to 1,125,000 additional common shares. The
offering will be made through Bear Stearns & Co. Inc., BT Alex Brown, Donaldson Lufkin & Jenrette and Goldman Sachs &
Co.
Covad, based in Santa Clara, Calif., is a packet-based
Competitive Local Exchange Carrier that provides high-speed digital communications services using Digital Subscriber
Line technology to Internet Service Provider and enterprise
customers. |
