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Technology Stocks : Cabletron Systems (CS: NYSE) -- Ignore unavailable to you. Want to Upgrade?

To: KLH who wrote (8313)	1/29/2001 8:05:07 PM
From: Tim Luke	Respond to of 8358

WASHINGTON (FFBN)--Riverstone Networks Inc. said its underwriters adjusted the estimated price range of its pending initial public offering to $11 to $13 a share from $12 to $14 a share, according to a filing with the Securities and Exchange Commission Monday. The number of shares offered will remain 10 million. As reported, Cabletron Systems Inc. (CS) planned to transform itself into a holding company by forming four independent operating companies - Riverstone Networks, Enterasys Networks, Global Network Technology Services and Aprisma Management Technologies. Cabletron said it planned to spin off the units into four publicly traded companies. Riverstone was the first unit to file for an IPO. The offering will constitute 9.8% of the 102.1 million shares outstanding, suggesting a total market capitalization of up to $1.32 billion and total proceeds from the offering of up to $130 million. Those figures do not include any exercise of the overallotment, or shares related to outstanding or potential options or warrants. There is an overallotment option for 1.5 million shares. The company plans to use the proceeds for working capital and general purposes. The underwriters are Morgan Stanley Dean Witter & Co., JP Morgan Securities, Lehman Brothers Inc and Salomon Smith Barney Inc. Riverstone, based in Santa Clara, Calif., provides switch routers and Web switches to Internet service providers. The company has applied to list its common stock on the Nasdaq National Market under the symbol RSTN. .