John R, Libit would be a nice fit, wouldn't it. One of Vulcan Venture's offspring will IPO soon ( OT of CUBE ).....
Wednesday May 5, 4:26 pm Eastern Time
(Note: this article is ''in progress''; there will likely be an
update soon.)
High Speed Access sets IPO at 13 mln
shrs
WASHINGTON, May 5 (Reuters) - Internet access provider
High Speed Access Corp. has raised the expected value of its
planned initial public offering by at least 20 percent, according to
papers filed on Wednesday with federal securities regulators.
In an amended IPO filed with the Securities and Exchange Commission, the Denver, Co.,-based
company said it will offer up to 13 million common shares at an estimated initial price ranging from
$11 to $13 per share, giving the deal a value of between $143 million and $169 million.
When it first filed its IPO plan in March, High Speed Access pegged the value of the offering at
about $120 million, although its preliminary filing disclosed neither the number of shares it planned to
sell nor the expected price.
High Speed Access, which provides high-speed Internet connections, said it has granted the
offering's underwriters a 30-day over-allotment to purchase up to 1.95 million common additional
shares. The offering will be made through Lehman Brothers, J.P Morgan & Co., Nationsbanc
Montgomery Securities LLC and CIBC Markets.
In addition to the shares offered, Cisco Systems Inc. (CSCO - news) has agreed to purchase $7.5
million of the common stock, Com21 Inc. (CMTO - news) has agreed to purchase $1 million of the
common stock and Microsoft Corp. (MSFT - news) has agreed to purchase $10 million of the
common stock, in a concurrent offering, the company said.
Vulcan Ventures Inc., an affiliate of Microsoft co-founder Paul Allen, beneficially owns 54.2 percent
of the common stock before the offering.
Vulcan also owns Charter Communications Inc., one of the ten largest largest cable system
operators in the country. Charter has agreed to provide High Speed Access with exclusive access to
at least 750,000 homes passed by cable, and Vulcan has an equity incentive to cause Charter to
provide the company up to an additional five million homes, the filing said.
After the offering, the company's outstanding common stock will total 14,657,706 shares.
Net proceeds will be used to fund operating losses and capital expenditures incurred in the
deployment of its services, and for working capital and other general corporate purposes, it said.
(Note: this article is ''in progress''; there will likely be an update soon.)
Interesting that the cable modem stocks(Tern CMTO) were boosted more by the cable telco mergers than the set top companies. If CUBE could partner with Libit the market would really GET the message and the appreciation in stock would pay for the cost of the deal in a day or two. Hope that the seeds have been planted.
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