March 15, 1999 11:15am
"FlashNet Communications Inc., a Fort Worth, Texas-based Internet service
provider, has increased the terms of its pending initial public offering,
and now expects to sell 3.2 million common shares in the $14-to-$15 range,
according to an amended Form S-1 filing with the SEC today.
The company had previously expected to 3 million common shares in the
$12-to-$14 range.
FlashNet further revealed that it plans to sell $3 million of stock,
currently comprised of 0.2 million shares, to SBC Communications Inc. (SBC),
a San Antonio, Texas, telecommunications company.
Net offering proceeds to FlashNet are estimated to be $43.7 million
(assuming an offering price of $15 per share), and will be used to repay
debt and for working capital purposes.
IPO Expectations:
Price per share: $14 - $15
Shares being offered: 3.2 million common
Shares to be outstanding: 13,415,207
Company location: Forth Worth, Texas
Exchange/Symbol: Nasdaq/FLAS
Underwriter(s): BancBoston Robertson Stephens, J.C. Bradford Co. and Everen
Securities
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