BBN announces $53 million in private placements.CAMBRIDGE, Mass.--(BUSINESS WIRE)--June 21, 1996--BBN Corporation (NYSE NYSE See: New York Stock Exchange :BBN (BBN Technologies, Cambridge, MA, www.bbn.com) A consulting firm that participated in the development of some of the most extensive networks in the world, including ARPANET, which evolved into the Internet. It was founded in 1948 as a consulting service in acoustics by Dr. ) announced today that it has closed private placements of its common stock, providing gross proceeds of $53 million. BBN has sold an aggregate of 2.4 million shares of its common stock to a group of investors in private placements both in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad. The transaction included 1.9 million shares sold to purchasers, located primarily in Europe, under a "Regulation S" offering. The price per share of $22.08 was established using the closing price of the common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on Monday, June 17, 1996. Alex. Brown & Sons acted as the placement agent for the offerings. BBN intends to use the 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). of the private placements for working capital and general corporate purposes, including the planned expansion of BBN's Internet network infrastructure, purchasing other capital equipment, making investments in the development or acquisition of new Internet-related services and products, and expanding the company's selling and marketing capabilities. BBN Corporation is a leading provider of Internet services to businesses and organizations. For the nine months ended March 31, 1996, BBN had revenues of $196 million. For more information, visit BBN's web site at www.bbn.com. CONTACT: Peter W. Thonis BBN Corporation (617) 873-3512 pthonis@bbn.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion