Anyone follow PSIX? Large volume and block trades on both sides.. Like big fight.
PSINet Boosts Convert Deal -2: 6.75% Dividend Yield
NEW YORK (Dow Jones)--PSInet Inc. (PSIX), a commercial Internet service provider,
increased its convertible preferred offering to $400 million from $350 million late
Wednesday.
The company's offering of Series C convertible preferred shares will be sold Thursday
at $50 with a dividend of 6.75%, the middle of range.
The company tapped Donaldson, Lufkin & Jenrette Securities Corp. as lead manager,
while Bear Stearns & Co. Inc., Merrill Lynch & Co., BancBoston Robertson Stephens and
Chase Securities Inc. were selected as co-managers, according to ConvertBond.com.
Additionally, PSInet is offering six million shares of common stock via DLJ. The
completion of the common stock offering and the convertible preferred stock offering are
not dependent on each other.
-Jennifer Ablan; 201 938-2047
jennifer.ablan@dowjones.com
(END) DOW JONES NEWS 04-29-99
10:07 AM
PSINet Activates OC-48 Dark Fiber Capacity Between New York City and Washington, DC
HERNDON, VA.--(BUSINESS WIRE)--April 28, 1999--
High Speed Capacity Enhances Internet Performance for the Five
Largest Metropolitan Areas Between NYC and Washington, DC
PSINet Inc. (NASDAQ: PSIX), the first and largest independent commercial Internet
service provider (ISP), and Nortel Networks (NYSE: NT/TSE: NTL) today announced
activation of portions of PSINet's dark fiber(a) network capacity previously acquired
from Metromedia Fiber Network, Inc. (NASDAQ: MFNX). In May of last year, PSINet acquired
dark fiber optic strands that cover the New York City metropolitan area, the route
between New York and Washington, as well as the Washington, DC metropolitan area. The
latest activation includes the primary fiber strands, which include links to Washington,
DC; Baltimore, MD; Wilmington, DE; Philadelphia, PA; Newark, NJ; and New York City. The
fiber will operate at OC-48 speeds capable of transmitting data at 2.4 gigabits per
second (Gbps).
"PSINet has acquired Internet companies and network facilities in the top markets
worldwide. Acquisitions of network capacity and partnerships with worldwide technologies
providers like Nortel Networks, allow PSINet to quickly take advantage of advances in
transmission speeds, bandwidth reliability, and quality," said Harold S. (Pete) Wills,
president and chief operating officer of PSINet Inc. "In general, the corridor between
New York City and Washington, DC carries most of the Internet traffic that moves
throughout the U.S. and onto the United Kingdom and Europe. This is true for the
PSINetwork as well. This capacity will serve as a critical high speed on- and off-ramp
for our customers in this vital region," Wills said.
Although the fiber is being activated at OC-48 to start, it can be used for multiple
connections at much higher speeds such as OC-192. Advancements in technologies such as
dense wave division multiplexing (DWDM) will increase data transmission speeds to
hundreds of gigabits and even terabits per second (Tbps) in the near future.
In addition to the northeast corridor activation, PSINet is also using Nortel Networks
technology to activate additional fiber that was acquired from IXC Communications Inc.
(NASDAQ: IIXC) in 1998. This transcontinental North American OC-48 fiber backbone is
currently being deployed in OC-12 stages. This most recent activation marks the second
stage of the deployment. Both the Northeast corridor facilities and the transcontinental
OC-48 portions of PSINetwork are connected to PSINet's OC-3 transatlantic submarine cable
systems which were acquired from Global Crossing Limited (NASDAQ: GBLX) also in 1998.
"Provisioning our own capacity as we need it is critical for PSINet as adoption of the
PSINet Internet services continues to grow exponentially around the globe," said John
Muleta, vice president, capacity planning and service delivery for PSINet Inc. "After
working with Nortel Networks to provision the equipment, PSINet engineers can upgrade
capacity as needed without relying on third-parties. We have freedom of action, increased
responsiveness, better quality, and lower operating costs for each unit of bandwidth
activated - this is critical for enhanced customer service and quality of service,"
Muleta added.
The successful activation of this dark fiber represents another critical step in
PSINet's strategy to own its fiber and link its global point of presence (POP) switching
facilities. With an existing continuous fiber-optic Internet data network that completely
circles the globe, PSINet is now linking regional fiber strands to this network. Newly
activated fiber optic capacity allows PSINet to achieve a much lower cost of operation by
replacing more expensive leased bandwidth circuits.
Headquartered in Herndon, VA, PSINet is a global facilities-based Internet Protocol
(IP) data communications carrier focused on the business marketplace. As the first and
largest independent commercial Internet service provider in the world, PSINet offers a
broad set of high-speed corporate LAN connectivity services supporting managed security
and guaranteed Internet, intranet, electronic commerce, Web hosting services, and
services for other carriers and ISPs. PSINet operates an international state-of-the-art
frame relay and ATM-based, IP-optimized network consisting of over 525 POPs around the
world serving primary markets in Belgium, Brazil, Canada, France, Germany, Hong Kong,
Italy, Japan, Luxembourg, the Netherlands, Republic of Korea, Switzerland, the United
States, and the United Kingdom. PSINet information can be obtained by e-mail at
info@psi.com, by accessing the Web site at psinet.com or by calling toll-free
1-800-799-0676.
(a) dark fiber is a term used to describe optical data network capacity that has not
yet been activated. Once activated, the capacity is referred to as "lit fiber." OC-1
(optical carrier one) is the standard unit measurement of SONET (Synchronous Optical
Network) bandwidth equivalent to 51.84 megabits per second (Mbps). Multiples of OC-1 are
used to indicate higher bandwidths. The most common supported multiples are OC-3 (155
Mbps), OC-12 (622 Mbps), OC-48 (2.4 Gbps), and OC-192 (10 Gbps).
CONTACT: PSINet Inc., Herndon
Media Contact:
Michael P. Binko, APR
703/904-4285
binkom@psi.com
or
Analyst Contact:
Kelli Harrington Nemer
703/375-1245
harringtonk@psi.com
09:03 EDT APRIL 28, 1999 |
