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To: Joe Hoek who wrote (37186)	4/29/1999 11:34:00 AM
From: Tradelite	Read Replies (3) \| Respond to of 120523

Re: PSIX again PSIX is making a secondary issue of shares. (see news below. Also check today's Washington Post at washingtonpost.com) From what I have read about this, it is not a positive move for investors, only for the company. Increasing the number of shares available dilutes the value of the shares. As for the accumulation that appears to be going on right now, that is the same behavior exhibited yesterday by COMS and in the past by CPU. Be careful. ________ PSINet offers 8 mln common, $400 mln preferred Reuters Story - April 29, 1999 08:17 HERNDON, Va., April 29 (Reuters) - PSINet Inc. , the business-focused Internet service provider, on Thursday said it is offering eight million shares of its common stock at $50.50 and $400 million of its 6-3/4 percent Series C cumulative convertible preferred stock. Each share of convertible preferred stock will be convertible into 0.8017 share of common stock, the company said. The common stock offering is being lead-managed by Donaldson, Lufkin & Jenrette Securities Corp. and co-managed by Merrill Lynch & Co., Bear, Stearns & Co. Inc., BancBoston Robertson Stephens and Legg Mason Wood Walker Inc. DLJdirect Inc. is handling the Internet distribution. The preferred stock offering is also being lead-managed by Donaldson, Lufkin and co-managed by Merrill Lynch & Co., Bear, Stearns & Co. Inc., BancBoston Robertson Stephens and Chase Securities Inc. Copyright 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. --------------------------------------------------------------------------------