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AOL Latin America files for initial public offering WASHINGTON, Jan 20 (Reuters) - America Online Latin America Inc., which currently has the exclusive right to offer America Online Inc.'s (NYSE:AOL - news) PC-based online services in Latin America, filed on Thursday for an initial public offering. The company, which is based in Fort Lauderdale, Fla., did not disclose the number of shares in the IPO, their projected price range or other details in a preliminary prospectus with the Securities and Exchange Commission. Those details are expected in later filings. AOL Latin America (AOL-LA) is offering $575 million in class A common stock. A major stockholder, the Cisneros Group of Companies, is offering an additional $115 million to current and former employees of the Cisneros Group -- one of the leading media groups in the Americas. AOL-LA, which has applied to list the shares on Nasdaq under the symbol ``AOLA', said it planned to use the net proceeds from the initial stock sale for expansion of interactive services, including marketing, brand and content development. It also hopes to use them to expand telecommunications network capacity, for capital expenditures, working capital and general corporate purposes. Neither AOL-LA nor the Cisneros Group will receive any proceeds from the shares distributed by Cisneros, the filing said. The underwriters are Salomon Smith Barney, Donaldson Lufkin & Jenrette and Lehman Brothers, the SEC filing said. The company, whose core target markets are Brazil, Mexico and Argentina, is looking to bring to the Latin American market localized AOL-branded interactive services and the chance to join AOL's global online community of more than 20 million users in 15 countries and seven languages. ``Our family of AOL-branded interactive services will include the AOL-LA country services, our comprehensive online services which will be available to subscribing members, and the AOL-LA country Internet portals and our Latin American regional Internet portal,' the company said. Dulles, Va.-based AOL, the huge Internet services provider, and the Cisneros Group are AOL-LA's founders and principal stockholders. (Source:Yahoo- biz.yahoo.com ) | ||||||||||||
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