Electronic Data Sytems Corp, Plano, Texas raised $650m in private debt offerings consisting of $350m of five-year notes paying 6.85%, and $300m in 10-year notes paying 7.125%. The proceeds will be used for repayment of commercial paper borrowings and for working capital. The notes were sold to Goldman Sachs & Co; Bear Stearns & Co; Citicorp Securities Inc; CS First Boston Corp and LehmanBrothers Inc in a private placing and then resold.
UUNet Technologies Inc, the Fairfax, Virginia Internet access provider in which Microsoft Corp is a major shareholder, got its initial public offering of 5.4m shares, 5.3m new, away at $14 per share for net proceeds to the company of some $68.2m. Goldman, Sachs & Co, Hambrecht & Quist LLC and Bear, Stearns & Co Inc were underwriters for the issue.
Maxis Inc, Orinda, California games software developer responsible for the intelligent and intriguing SimCity, got its offer of 3m shares, 2m of them new, away at $16 per share to raise some $30m net for working capital and capital expenditure. Morgan Stanley & Co Inc, Alex Brown & Sons Inc and Piper Jaffray Inc were the managing underwriters.
Rational Software Corp, Santa Clara software development tools and Ada language specialist, got its offering of 4.35m shares, 2.2m of them new, away at $11.375 per share to raise some $22m net of expenses for working capital. Hambrecht & Quist LLC was lead manager with Alex Brown & Sons Inc and Wessels, Arnold & Henderson, LLC as the co-managers.
Portugal Telecom SA got the 50m shares in its partial privatisation – 27m at home, 23m abroad – away at $18.725 a share, raising some $900m all told; Merrill Lynch & Co was the lead underwriter for the portion of the shares that were sold in New York.
