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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (3200)	3/29/1999 9:06:00 PM
From: Keith J	Read Replies (1) \| Respond to of 30916

Did find another item in the annual report. "In addition, prior to 2001, using the proceeds of certain specified kinds of public equity offerings the company may redeem up to 35% of the aggregate principal amount of the notes at a redemption proce equal to 108 3/4 of the principal amount". It's also almost a chicken/egg situation. Noteholders may try to hold out - hoping the company may exercise this option if there is a qualifying public offering. By the way, anyone know or want to venture a guess as to what a "term sheet" is? I doubt they would change the offer price at a later date. Why would anyone redeem now if they thought they could get more in a few weeks. That's part of the reason why I think they must be close to the majority consent. And on the other hand, if things don't happen until after the April quarter #s are out, it'll at least give a higher revenue number (for those that like to value net companies based on price to sales). KJ