ECI Telecom Announces Pricing of Veraz Networks Initial Public Offering
05 Abril 2007 - 3:12AM
Business Wire
ECI Telecom Ltd. (NASDAQ: ECIL), a global provider of networking
infrastructure equipment, announced today that Veraz Networks, a
company in which ECI holds approximately 40%, priced its initial
public offering on NASDAQ at $8 per share (before underwriting
discounts). Veraz will raise gross proceeds of $54 million (before
underwriting discounts and expenses), selling 6,750,000 shares. In
addition, ECI will sell 2,250,000 shares at the public offering
price. The underwriters have been granted a 30-day option to
purchase up to an additional 1,012,500 shares of common stock by
Veraz and up to an additional 337,500 shares by ECI at the initial
public offering price to cover over-allotments, if any. Veraz will
trade on the NASDAQ Global Market under the symbol �VRAZ�. ECI now
expects to record gains under U.S. generally accepted accounting
principles of $35 to 48 million in connection with Veraz's initial
public offering. The final amounts will be determined based on the
possible exercise of the over-allotment option by the underwriters,
as well as finalization of certain tax estimates. The gains will be
recorded over the first, second and third quarters of 2007.
Following the offering, ECI will own 27.5% (23% on a fully diluted
basis) of the common stock of Veraz, assuming no exercise by the
underwriters of their over-allotment option. The offering was made
through an underwriting syndicate let by Credit Suisse Securities
(USA) LLC and Lehman Brothers Inc. who acted as joint book-running
managers. Jefferies & Company and Raymond James &
Associates, Inc. acted as co-managers for the offering. Copies of
the final prospectus relating to the offering may be obtained by
contacting Credit Suisse Prospectus Department, One Madison Avenue,
New York, NY 10010; Tel: 1-800-221-1037 or Lehman Brothers, Inc.,
c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long
Island Avenue Edgewood, NY 11717; fax 1-631-254-7268.
Eci Telecom (NASDAQ:ECIL)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Eci Telecom (NASDAQ:ECIL)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
Notícias em tempo-real sobre Eci Telecom Ltd (MM) da NASDAQ bolsa de valores: 0 artigos recentes
Mais Notícias de ECI Telecom Ltd.