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Technology Stocks : LSI Corporation
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To: sea_biscuit who wrote (19628)8/6/1999 9:51:00 AM
From: Paul Lee  Read Replies (2) of 25814
 
from a piece on IPO financing

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LSI Logic, a big Milpitas, Calif., semiconductor manufacturer that isn't even an Internet company, also announced that instead of offering about $300 million in convertible debt and $300 million in stock, it would file a shelf registration to raise the money later this year. “We were really concerned at the way in which the stock was behaving,” said Chairman and CEO Wilfred Corrigan. Between the overhang of expected new shares and the weakness in technology issues, LSI stock had come under pressure in recent days after enjoying a strong run-up through the first half of the year. It bounced back $4.1875 to $51.6875 Thursday, in part because of the postponed stock sale.
Mr. Corrigan said LSI had taken on more debt this year than it typically carries to complete an acquisition, and the offering was meant to pay that down. But “this is not an offering that we need to do at this point in time.
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