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Technology Stocks : CSN-Convergys (NYSE) -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (52)	8/12/1998 6:24:00 PM
From: Carey Thompson	Read Replies (1) \| Respond to of 84

Some more hand-wringing from the offering brokers -- now less than 10% will be priced tonight / offered tomorrow MAYBE. Is it time for the Maalox? Someone has a nervous tummy. Giggle. Convergys IPO size cut, but still pricing NEW YORK, Aug 12 (Reuters) - The much-awaited initial public offering (IPO) of Convergys Corp., the customer service and billing arm of Cincinnati Bell Inc.(CSN - news), has been cut in size due to market conditions a day before it hits the market, the lead underwriter for the deal said Wednesday. The news comes in the wake of several postponements of IPOs that were scheduled to price this evening following a rocky few days in the broader markets despite an apparent rebound today. In regulatory documents filed Wednesday, lead manager Morgan Stanley Dean Witter cut the number of shares to be offered globally to 14.0 million globally from 18.0 million, and cut the price range to $15-$17 a share from $17-$19. IPO analysts had scaled back their original two-to-three point rise estimates for Convergys on opening day in the face of numerous postponed or canceled deals over the past few weeks. But the deal is still expected to price tonight, and while eleventh -hour chopping of any deal usually stems from waning interest among investors, the fact that the deal is going through in a sea of postponements was seen as a hopeful sign for quality deals, analysts said. Convergys will offer 14 million shares globally, with 11.2 million in the United States and the remaining shares in international markets, raising a maximum of $238 in gross proceeds. The company's operations combines Cincinnati Bell Information Systems (CBIS), MATRIXX Marketing and Cincinnati Bell's interest in its cellular service partnership with Ameritech Corp. (AIT - news). Cincinnati Bell will now retain a 90.7 percent stake in the new company after the initial offering, up from the 88.3 percent originally filed.