EarthLink Network Inc, the Pasadena, California-based internet service provider, has filed with the Securities and Exchange Commission for a public offering of 2.5 million shares of common stock worth up to $167.5m. Two million of the shares are to be offered by the company with rest being sold by existing stockholders. An additional 375,000 shares may be sold through an option it granted to the underwriters – Credit Suisse First Boston Corp, Invemed Associates Inc, ING Baring Furman Selz LLC and Cruttenden Roth – to cover over-allotments. The proposed maximum offering price is $58.25 per share. Earthlink says it will use the net proceeds from the offering for general corporate purposes, including working capital and potential acquisitions. After the offering, the company will have 30.9 million shares outstanding.
