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Technology / AI and automation


CAI Wireless Systems Inc, Albany, New York operator of cellular television systems, has raised $275m before expenses in an issue of 12.25% senior notes due 2002. Part of the proceeds, plus those from the sale of $70.0m of senior preferred stock andwarrants to affiliates of Bell Atlantic Corp and Nynex Corp will be used to provide the cash payable in connection with the proposed acquisition by CAI of ACS Enterprises Inc as well as the proposed acquisition by CAI of so-called wireless cable companies and other wireless cable channel rights in Washington DC; Baltimore, Maryland; and Pittsburgh, Pennsylvania, to the extent such acquisitions are consummated by CAI. Smith Barney Inc was the lead underwriter for the public offering.

Marcam Corp, the Newton, Massachusetts manufacturing software company that bought IBM Corp’s Mapics, has raised $22.5m in a private placing of zero-coupon convertible preferred stock with investors led by General Atlantic Partners. Marcam says the permanent capital will strengthen the company’s balance sheet and enable it to focus on strategic plans. The 225,000 shares, issued at $100 each, will be convertible into 2.25m shares of common stock. The company also has a new $12m line of credit with Greyrock Business Credit, a subsidiary of NationsBank Corp, available for working capital.

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CBR Staff Writer

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