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Technology Stocks : Comdisco Ventures (CDOV)
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To: Glenn Petersen who started this subject7/28/2000 9:25:09 AM
From: Glenn Petersen   of 8
 
CDOV sets initial terms of its IPO:

Comdisco Ventures IPO to Include 10 Million Tracking Shares

Washington, July 27 (Bloomberg) -- Comdisco Inc. released the terms for the sale of stock that will track the performance of its venture financing business, stating that the company will market 10 million shares at $14 to $16 each.

Comdisco Ventures -- which provides leases, debt and direct equity to companies backed by venture capital -- expects the stock sale to raise $137.5 million after expenses if the shares sell for $15 each, according to an amended registration statement filed with the Securities and Exchange Commission.

The venture business will use these funds to help repay loans from affiliates that totaled $847 million at March 31, the filing said.

Comdisco is a Rosemont, Illinois-based provider of technology, leasing and telecommunications services. The parent company plans to follow the stock sale by distributing its remaining Ventures shares to Comdisco stockholders or by exchanging Ventures shares for outstanding Comdisco stock.

The venture financing group filed for the stock sale in April. At that time, the company estimated gross proceeds of $150 million from the IPO without providing details.

Merrill Lynch & Co. is underwriting the sale of the tracking stock. Comdisco Ventures has applied to have its stock trade on the Nasdaq Stock Market under the symbol CDOV.

Comdisco shares declined 1 to 28 in early afternoon trading. They have declined almost 25 percent for the year.

Jul/27/2000 13:06 ET
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