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Technology Stocks : Comverse Technology -- Ignore unavailable to you. Want to Upgrade?

To: Mark Ambrose who wrote (488)	6/25/1998 10:09:00 AM
From: Beltropolis Boy	Read Replies (2) \| Respond to of 1331

mark. thanks for the smartmoney follow-up. care to comment on the $250m convertible? does these mean another 3.9m shares will potentially be on the street? if so, what a momentum spoiler. ----- Comverse Technology Announces Private Placement Of $250 Million 4.50% Convertible Subordinated Debentures June 25, 1998 09:54 AM WOODBURY, N.Y.--(BUSINESS WIRE)--June 25, 1998--Comverse Technology, Inc. CMVT announced the private placement, to certain institutional investors, of $250 million principal amount of its 4.50% convertible subordinated debentures due 2005. The debentures are convertible, at the option of the holder, into shares of Common Stock at a conversion price of $64.50. The Company intends to use the proceeds of this offering for general corporate purposes, including possible investments in, or acquisitions of, other companies, businesses, technologies or product lines. The Company expects the debentures to be anti-dilutive to earnings per share for the remainder of fiscal 1998, ending January 31, 1999, and at least through the end of fiscal 1999, ending January 31, 2000. The debentures were sold by the company to Lehman Brothers as initial purchaser who re-offered the debentures to institutional investors pursuant to Rule 144A. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the debentures. The securities offered will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.