[RCN Corporation Files For Public Offering of Common Stock]
PRINCETON, N.J., May 22 /PRNewswire/ -- RCN Corporation today announced that it has filed a Registration Statement with the Securities and Exchange Commission for a $250 million public offering of Common Stock. Of the shares of Common Stock to be included in the offering, approximately $240 million of such Common Stock is expected to be sold by the Company, and the remainder is expected to be sold by certain minority stockholders of the company. The underwriters will have an option to purchase approximately $37.5 million of Common Stock from the Company solely to cover overallotments, if any.
The underwriters for the offering will be Merrill Lynch & Co., Salomon Smith Barney, NationsBanc Montgomery Securities LLC, Donaldson Lufkin & Jenrette Securities Corporation and Prudential Securities Incorporated.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
A copy of the preliminary prospectus will be available from Merrill Lynch & Co., 250 Vesey Street, New York, New York 10281, or from the offices of the other underwriters.
RCN is developing advanced fiber optic networks to provide a wide range of telecommunications services including local and long distance telephone, video programming and data services (including high speed Internet access), primarily to residential customers in selected high density markets. RCN's initial advanced fiber optic networks have been established in selected markets in the Boston to Washington, D.C. corridor, including New York City, Boston and its surrounding communities and in the Washington, D.C. area.
SOURCE RCN Corporation
-0- 05/22/98
/CONTACT: Valerie Haertel, Investor Relations, 609-734-3816, or Jim Maiella, Public Relations, 212-376-4399, both of RCN Corporation/
/Web site: rcn.com |
