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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Rob Preuss who wrote (63)	4/14/2000 11:33:00 AM
From: Rob Preuss	of 206

[CEL equity offering is oversubscribed!] Friday April 14, 10:30 am Eastern Time Mexico's Iusacell says prices 10 mln ADR offering MEXICO CITY, April 14 (Reuters) - Mexico's Grupo Iusacell, Mexico's No. 2 cellular telephone company, said on Friday it had priced a 10 million American Depositary Shares equity offering at $15.125 per share. Iusacell (NYSE:CEL - news) said it expected to finish the offer by next Wednesday and was raising $151.25 million with the deal, co-managed by J.P. Morgan and Warburg Dillion Read. Iusacell had originally planned to raise a total of $350 million, including a $100 million secondary offering of shares owned by majority shareholder Carlos Peralta. But the offer was scaled back due to recent stock market volatility, Iusacell officials said. Nevertheless Iusacell said the offer was oversubscribed, with demand coming from U.S. and European investors. Iusacell said it would use the proceeds to expand its cellular telephone operations and launch PCS cellular operations -- an advanced wireless phone system -- in northern Mexico. Bell Atlantic Corp. (NYSE:BEL - news) will keep its 37.4 percent stake in Iusacell and maintain administrative control of the company, Iusacell said.

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