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Cogent Communications announces plans to offer 12M shares in public stock offering
May 19, 2006
WASHINGTON -- Cogent Communications Group, Inc. (Nasdaq: CCOI - News) announced today that it plans to sell 12 million shares of its common stock in an underwritten public offering. The offering will consist of 4 million shares sold by the company and 8 million shares sold by selling stockholders. The shares sold by the selling stockholders represent approximately 29% of the shares held by Cogent's major investors. The underwriters will have an option to purchase up to an additional 15% of the shares offered to cover over-allotments, if any. Lehman Brothers and Bear Stearns will be acting as joint book-running managers on the offering, Thomas Weisel Partners will be acting as joint lead manager and Wachovia Securities and Friedman Billings Ramsey will be acting as co-managers.
Dave Schaeffer, Cogent's Chief Executive Officer, said that the offering would serve two purposes. "First, it increases the amount of Cogent's common stock available in the public markets. Second, it provides additional capital for Cogent to pursue its growth strategies."
Cogent Communications Holdings Inc. (Nasdaq: CCOI)
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