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Technology Stocks : IDT *(idtc) following this new issue?*

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To: Hawaii60 who wrote (3256)	3/31/1999 1:01:00 PM
From: Secret_Agent_Man	Read Replies (1) of 30916

READ IT AND WEEPNet2Phone Moves One Step Closer to a Spin-Off 30 March 1999 Net2Phone is set to spin off its parent company IDT, following the $150 million credit facility arranged by IDT to purchase all of its outstanding 8.75% Senior Notes. The purchase - if it goes through - will technically enable the company to proceed unhindered with planned private placements or subsequent public offering of its IP telephony subsidiary Net2Phone. Freidman, Billings, Ramsey and Co forecasts revenues of $45m for Net2Phone in 1999, potentially giving the company a market capitalisation to the tune of $450 million. "Even by conservative estimates, we are looking in the region of at least $300m market capitalisation," said Riyad Said, an Analyst at Freidman, Billings, Ramsey and Co. Net2Phone is reported to have "executed term sheets with significant strategic investors" and is seeking similar arrangements with other investors. Net2Phone pioneered PC-to-phone Internet telephony in 1996 and is now leading the market with over 1.25 million customers globally for its PC-to-phone service. The IDT subsidiary routes some 25 million minutes of IP voice traffic per month at present. Having strategic joint marketing relationship with the likes of NetScape, Excite and Yahoo, Net2Phone has fully exploited the Internet potential. The $150 million credit facility is to be provided and arranged jointly by Bankers Trust Company, CIBC Oppenhimer Corp. and Lehman Commercial Paper Inc. Cheers

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