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Technology Stocks : VersaTel Telecom International NV-(VRSA)
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To: SunSunM who wrote (15)7/23/1999 8:22:00 AM
From: Mohan Marette   of 73
 
European Stock Alert: Versatel Seen Priced at Top of Range

Bloomberg News
July 23, 1999, 2:24 a.m. PT

London, July 23 (Bloomberg) --

In The News

*VERSATEL TELECOM INTERNATIONAL NV, a provider of high-speed fiber optic networks in the Benelux region, is today expected to price its shares at 10 euros each, the top end of the 8-euro to 10-euro range, as demand for shares has exceeded supply by 13 times, said a banker familiar with the offering.

Versatel is selling 19 million new shares, up from the previously announced 18 million. That means existing investors will sell 2.25 million shares, 1 million fewer than originally planned.

Underwriters have the option to sell an additional 3 million shares if demand warrants. Shares will be listed on the Nasdaq and the Amsterdam stock exchanges and are expected to begin trading today. The company also sold $300 million of senior 10-year dollar- and euro-denominated notes, more than the $250 million it had originally said it would sell.

Lehman Brothers Inc. is coordinating the sale. ING Barings is managing the Dutch retail offering. Other managers are Bear Stearns Companies Inc., Hambrecht & Quist Inc., Banque Paribas and E*trade Group Inc. (Updated July 23. Company News: VRSA NA CN.)
news.com
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