Release Dates: Immediate
Ed Hansen, MindSpring Enterprises, Inc.
MindSpring Proposed Offering of Convertible Subordinated Notes -- UPDATE
ATLANTA, Georgia (April 7, 1999) - MindSpring Enterprises, Inc. (Nasdaq: MSPG) announced today an update of its plans for a proposed registered offering of the Company's convertible subordinated notes. Through the issuance of the notes, the Company now plans to raise up to approximately $180 million, a portion of which may be to cover over-allotments, if any. All of the notes will be issued by the Company. The offering is being undertaken concurrently with an offering of up to 2,000,000 shares of the Company's common stock, plus 300,000 shares to cover over-allotments, if any.
The convertible subordinated notes offering and the common stock offering will both be under the Company's universal shelf Registration Statement filed with the Securities and Exchange Commission for the public offering from time to time of up to $800 million of debt and equity securities. The notes offering and the stock offering are both being managed by Goldman, Sachs & Co., ING Baring Furman Selz LLC, J.C. Bradford & Co., Donaldson, Lufkin & Jenrette Securities Corporation, First Union Capital Markets Corp., and Jefferies & Company, Inc., and currently are expected to be completed in April. The specific terms of other securities that may be issued under the universal shelf Registration Statement will be determined at the time of each issuance.
MindSpring is a leading Internet service provider focused on delivering outstanding service and support to its customers. MindSpring's dial-up subscribers can browse the World Wide Web, send electronic mail, participate in informative on-line chats and access over 20,000 newsgroups. MindSpring offers local Internet service in more than 745 locations throughout the United States. MindSpring is also a leading provider of Web hosting services and offers other value-added services such as Web page design and domain registrations.
A Registration Statement relating to the 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 the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
When available, a prospectus relating to the common stock to be issued by the Company may be obtained from Goldman, Sachs & Co. at (212) 902-1000. When available, a prospectus relating to the convertible subordinated notes to be issued by the Company may be obtained from Goldman, Sachs & Co. at (212) 902-1000. Goldman, Sachs & Co. is located at 85 Broad Street, New York, New York 10004.
About MindSpring MindSpring Enterprises, Inc. (Nasdaq:MSPG) is a leading Internet service provider focused on delivering outstanding service and support to its customers. By following its Core Values And Beliefs, MindSpring is committed to doing an exceptional job of serving its customers, its employees, its owners and its community. MindSpring's dial-up subscribers can browse the World Wide Web, send electronic mail, participate in informative online chats and access over 20,000 newsgroups. MindSpring offers local Internet service in more than 745 communities throughout the United States. MindSpring is also a leading provider of Web Hosting services and domain registrations.
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