OT..Juniper Networks sells $1.0 bln conv subord
notes
March 03, 2000 10:34
***What are they gonna do with ALL THAT MONEY?****
NEW YORK, March 3 (Reuters) - Juniper Networks Inc. , a computer
networking firm that makes high-speed Internet routers, said on Friday it
sold $1.0 billion of 4.75 percent convertible subordinated notes due
March 15, 2007.
The notes are convertible into Juniper stock at about $327.92 a share, a
26 percent premium over the stock's Thursday closing price on Nasdaq
of 260-1/4.
The sale was increased in size twice, first from $500 million and then
from $850 million, suggesting strong demand.
Goldman Sachs & Co. led the sale. Juniper granted purchasers a 30-day
option to purchase an additional $150 million of notes to cover
over-allotments, if any.
Mountain View, Calif.-based Juniper said it will use proceeds for working
capital and general corporate purposes, and may use a portion of the
proceeds to fund acquisitions and strategic investments in
complementary businesses, products or technologies.
The company staged its initial public offering of stock in June. It split its
stock 3-for-1 on Jan. 17, and a day later reported a profit in its fiscal
fourth quarter, its first profit since the IPO.
The stock has roughly doubled since the company on Feb. 4 filed a
registration statement for the sale with the U.S. Securities and Exchange
Commission. At 10:30 a.m. in New York (1530 GMT), the stock traded at
274, up 13-3/4. Its 52-week low is 30, and its 52-week high is 295-3/4.
(( Jonathan Stempel, U.S. Financial Markets Desk, (212) 859-1662 )) |
