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Technology Stocks : Maxtor (MXTR) -- Ignore unavailable to you. Want to Upgrade?

To: radman33 who wrote (79)	2/16/1999 3:20:00 PM
From: radman33	Respond to of 467

Maxtor Completes Public Offering MILPITAS, Calif., Feb. 16 /PRNewswire/ -- Maxtor Corp. (Nasdaq: MXTR - news) announced the closing of a public offering of 7,800,000 shares of common stock being issued by the Company and 3,200,000 shares being sold by Hyundai Electronics America (''Hyundai'') as a selling stockholder. The offering price was $13 per share. The underwriters have up to 30 days to exercise an over-allotment option for up to an additional 1,170,000 shares from the Company and 480,000 shares from Hyundai. Maxtor did not receive any proceeds from the sale of shares by Hyundai. The offering was lead-managed by Salomon Smith Barney and co-managed by Hambrecht & Quist, Lehman Brothers, Merrill Lynch & Co. and NationsBanc Montgomery Securities LLC. In a separate public offering closing today, DECS Trust IV, a newly formed trust, sold 12,500,000 DECS at $13 per DECS. The underwriters have up to 30 days to exercise an over-allotment option for up to an additional 1,874,993 DECS. Hyundai has entered into a contract with DECS Trust IV obligating Hyundai to deliver either cash or up to 12,500,000 shares (14,374,993 shares if the over-allotment option is exercised in full) of its registered Maxtor Common Stock to DECS Trust IV upon the maturity of the DECS in three years, or earlier in certain events. Until the maturity of the DECS, or earlier in certain events, Hyundai will retain beneficial ownership and voting rights with respect to its shares of Maxtor common stock to be delivered to DECS Trust IV, and such shares will not be available for sale in the public market. The issuance of DECS was not dilutive because no new shares of Maxtor common stock were issued in connection with the DECS. DECS Trust IV is unrelated to Maxtor, and Maxtor did not receive any proceeds in the DECS offering. The DECS offering was lead managed by Salomon Smith Barney. Copies of the prospectuses relating to the offerings may be obtained from Salomon Smith Barney Inc., 333 W. 34th Street, New York, NY 10001. Maxtor Corp. (Nasdaq: MXTR - news) develops, manufactures and markets hard disk drives for desktop computer systems. Maxtor's current products include the DiamondMax 4320, DiamondMax 3400 and the 7,200 RPM DiamondMax Plus 2500 series of drives. Maxtor can be reached by phone at (800)2-MAXTOR or on the Internet at maxtor.com. SOURCE: Maxtor Corp.