An amended statement to the original Convergys spin-off just hit the wires. I am a little confused by the wording of the amended statement. Will the original spin-off to the CSN shareholders continue, in addition to the sale of 18 mill shs at $17 - 19? I will e-mail the Buckhout contact for clarification.
Monday July 20, 5:16 pm Eastern Time
Company Press Release
Amended Registration Filed for Convergys Initial Public Offering
CINCINNATI--(BUSINESS WIRE)--July 20, 1998--Cincinnati Bell Inc. (NYSE:CSN - news) said today that its Convergys Corporation subsidiary has filed with the Securities and Exchange Commission an amendment to its registration statement relating to the initial public offering of Convergys common shares.
Convergys includes Cincinnati Bell Information Systems (CBIS), the leading provider of billing and information management services to the wireless communications industry, and MATRIXX Marketing Inc., the leading provider of outsourced customer management services in the United States, plus Cincinnati Bell's interest in a regional cellular partnership.
Cincinnati Bell announced April 27 that it intended to spin off Convergys to Cincinnati Bell shareholders later this year following an initial public offering of Convergys shares intended to raise capital to pay off debt.
In the amended registration statement, Convergys said that it proposes to sell 18 million common shares. The price range for the offering is $17 to $19 per share. Convergys has granted the underwriters an over-allotment option for up to an additional 2.7 million shares.
Cincinnati Bell also announced that it has received clearance from the Internal Revenue Service that the proposed spin-off following the offering would be tax free.
The underwriters for the offering are Morgan Stanley Dean Witter, Salomon Smith Barney, Merrill Lynch & Co., BancAmerica Robertson Stephens, and Bear, Stearns & Co. Inc. Morgan Stanley Dean Witter and Salomon Smith Barney are joint lead managers of the offering.
The amended registration statement relating to the offering has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the soli- citation of an offer to buy, nor shall there be any sales of the sec- urities in any state in which such offer or sale would be unlawful prior to registration or qualification under the securities law of such state.
Cincinnati Bell is the leader in helping communications companies and marketing-intensive businesses worldwide compete more effectively through advanced billing, customer information and marketing solutions, as well as the premier provider of communications services in Greater Cincinnati.
Contact:
Cincinnati Bell Inc.
Wayne Buckhout, 513/397-1081 |
