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Flag Telecom Commences Initial Public Offerings
January 19, 2000
Jane Windsor, FLAG Telecom Limited
London - FLAG Telecom Holdings Limited announced
that the company yesterday filed a Registration Statement with the US
Securities and Exchange Commission in connection with its proposed
initial public offering.
The global offering will consist of 21.1 million primary shares and 5.3
million secondary shares. The offering price is estimated to be between
$20-22 per share.
The global offering will be led by Salomon Smith Barney. Deutsche Banc
Alex. Brown, Goldman Sachs & Co., Morgan Stanley Dean Witter and
Warburg Dillon Read will act as co-managers.
Application has been made to have the common shares approved for
listing on Nasdaq under the symbol "FTHL" and on the
London Stock Exchange under the symbol "FTL". Trading is
expected to commence on or about 11 February 2000.
FLAG Telecom intends to use the proceeds of the offering to fund its
equity in FLAG Atlantic Limited (its 50% owned subsidiary), to repay
some of the existing debt of FLAG Limited (its wholly owned subsidiary),
to fund additional expansions of its network and the development of
additional wholesale and bundled product and services offerings, and for
working capital and general corporate purposes.
FLAG Telecom is a global carriers' carrier that develops and offers a
broad range of innovative telecommunications products and services to
licensed international carriers, Internet Service Providers and other
telecommunications companies. The company has an established
customer base of approximately 90 customers, including 17 of the top 20
international carriers based on traffic volume.
The FLAG Europe-Asia cable is the longest private cable system in
operation today, stretching 28,000 km from Europe to Japan. FLAG
Atlantic-1, a multi-terabit dual cable system, is now under construction,
through a 50:50 joint venture with GTS.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
communication shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
Persons wishing to obtain a written prospectus relating to the common
shares may contact Jane Windsor, Director of Communications, FLAG
Telecom Limited, 103 Mount Street, London W1Y 5HE, UK, e-mail:
*Bell Atlantic is an investor in FLAG, the world's longest undersea cable
For more information see: www.bell-atl.com/worldwide/Flag.htm