AT&T Closes AT&T Wireless Offering.Business Editors NEW YORK--(BUSINESS WIRE)--May 2, 2000 $10.6 Billion Is Raised In Largest Initial Offering in U.S. History AT&T today announced the closing of the sale of 360 million shares of AT&T Wireless Group tracking stock, raising more than $10.6 billion. AT&T Wireless, which had an initial offering price of $29.50 under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors of AWE AWE - Advanced WavEffect , closed yesterday at $35.00. The shares sold represent 15.6 percent of AT&T's economic interest in the AT&T Wireless Group. AT&T plans to distribute its remaining economic interest in the AT&T Wireless Group in a timely manner. The disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of will include a stock dividend to holders of AT&T common stock for at least a portion of the interest, but may also include an exchange offer, a further sale of AT&T Wireless, or a combination of these alternatives. AT&T's Board of Directors will determine the method and timing of the disposition based on market conditions. "Having raised more than $10 billion, in the largest initial public offering in U.S. history, investors have recognized AT&T Wireless Group's incredible growth potential," said John Zeglis, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , AT&T Wireless. "Our very successful offering supports us as a leader in providing customers with the most advanced wireless voice and data services in the industry." Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering were $10.3 billion, after deducting underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discounts and commissions and offering expenses of $322 million. AT&T said $7 billion of the net proceeds was allocated to AT&T Wireless Group to expand its network, pursue acquisition opportunities, capital expenditures and general corporate purposes. The remaining net proceeds of $3.3 billion have been allocated to AT&T common stock group for general corporate purposes. |
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