These guys are getting more money. It seems like their effective advertising is finally working for them.
Wednesday November 18, 8:05 am Eastern Time
Company Press Release
Beyond.com Announces Private Placement of 7.25%
Convertible Subordinated Notes
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 18, 1998--Beyond.com (Nasdaq:BYND - news), a
Delaware corporation incorporated as software.net Corporation, announced today that it has agreed to sell $55,000,000 of convertible subordinated
notes due Dec. 1, 2003 in a private offering to certain qualified institutional buyers.
The transaction is expected to close on Nov. 23, 1998, subject to customary closing conditions. The notes bear interest at a rate of 7.25 percent per
annum, will be convertible into common stock of the company at $18.34 per share and will have a five-year term.
The notes are estimated to result in gross proceeds to the company of approximately $52.8 million (excluding any proceeds from the initial purchasers'
over-allotment option to purchase up to an additional $8.25 million of notes). The notes are expected to be traded under Rule 144A in the United States
on the PORTAL Market.
The company stated that it intends to use a substantial portion of the net proceeds for sales and marketing expenses, including to pay for a portion of its
obligations to its strategic marketing partners. The company also anticipates continuing to expend substantial resources on broadcast and other
marketing and sales campaigns in order to build its customer base and brand name.
The notes will not be registered under the Securities Act of 1933, as amended, or under applicable state securities laws, and may not be offered or sold
in the United States absent registration under the Securities Act and applicable state securities laws or available exemptions from the registration
requirements.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any security, including but not limited to the notes.
Contact:
Beyond.com
Michael Praisner, 408/616-4200
michaelp@beyond.com
or
Laura Dayton, 408/616-4328
laurad@beyond.com
More Quotes and News:
software.net Corp (Nasdaq:BYND - news)
Related News Categories: computers, internet, software
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