** OT ** FYI: High Speed Access Corp. files for $120 mln IPO
March 19, 1999 10:17 AM
WASHINGTON, March 19 (Reuters) - High Speed Access Corp., a provider of high-speed Internet access, filed Friday with the Securities and Exchange Commission for an initial public offering of $120 million in common stock.
The company is 54.2 percent beneficially owned before the offering by Vulcan Ventures Inc., the holding company of Microsoft Corp. MSFT co-founder Paul Allen, the filing said.
Vulcan also owns Charter Communications Inc., the seventh largest cable system operator in the country.
Charter has agreed to provide High Speed Access with exclusive access to at least 750,000 homes passed by cable, and Vulcan has an equity incentive to cause Charter to provide the company up to an additional five million homes, the filing said.
Denver-based High Speed Access did not disclose the number of shares in the offering or provide an estimated price range for them, but it will apply to trade the stock on Nasdaq under the symbol HSAC .
The underwriters are Lehman Brothers, J.P. Morgan, NationsBanc Montgomery Securities LLC and CIBC World Markets.
High Speed Access also said that Cisco Systems Inc. CSCO has agreed to buy $5 million in common stock at the offering price in a concurrent offering that is not underwritten.
Up to 5 percent of the IPO shares may be reserved for employees, directors and friends of the company, the filing said.
Net proceeds from the IPO will be used to fund capital expenditures to be incurred in the deployment of its services, to fund operating losses, for working capital and for other general corporate purposes, the company said.
((Peter Ramjug, 202-898-8399)) REUTERS |
