AT&T Corp has filed a shelf registration with the US Securities & Exchange Commission for up to $3,000m in debt secuities and warrants. Net proceeds will be used to fund investments in AT&T Universal Card Services Corp and other subsidiaries, for capital expenditures, acquisitions of licences, assets or businesses and repaying debt.
Comsat Corp, Washington has filed a shelf registration with the US Securities & Exchange Commission to offer up to $200m in preferred securities of its Comsat Capital I and Comsat Capital II Ltd Partnerships. Comsat will use the proceeds to reduce outstanding commercial paper and some $75m in debt that it may incur to fund the acquisition of the Quebec Nordiques National Hockey League team – the team is moving to Denver but hitherto played in and around Quebec City, not Montreal as previously stated (CI No 2,677) franchise and working capital. The underwriters for the issue will be Goldman, Sachs & Co, CS First Boston and Smith Barney.
Integrated Device Technology Inc, Santa Clara, California microprocessor and memory chip maker, duly raised $175m with its issue of 5.5% convertible subordinated notes due 2002 convertible into common shares at $57.25 per share. The proceeds will be used to equip the company’s new wafer fabrication facility in Hillsboro, Oregon, to construct and equip a new assembly and test facility in the Philippines, to expand existing wafer fabrication facilities, to acquire other capital equipment, and for working capital. Underwriters were Lehman Brothers Inc, Montgomery Securities and Smith Barney Inc.
Iomega Corp, Roy, Utah hard-shell supercapacity floppy disk drive pioneer now diversified into exchangeable Winchesters and latterly into tape drives as well, announced that it will exercise its option to convert compusorily all outstanding shares of its series A convertible preferred stock into common; a maximum of 180,000 shares of common stock will be issued as a result of the exchange.
Loral Corp has raised $150m with the sale of 7.625% debentures due June 15 2025 and non-callable for life at $99.102%, through Bear, Stearns & Co Inc.
Spyglass Inc, Naperville, Illinois developer of the Enhanced Mosaic Internet browser has filed with the US Securities & Exchange Commission for an initial public offering of 2m shares, 1.8m of them new, at a target price of between $11 and $13. The company, whose Enhanced Mosaic provides graphical point-and-click access to the World Wide Web, gave no plans for the $18m or so net proceeds. Underwriters are Alex Brown & Sons Inc and Cowen & Co.
