Went public 3/7/2000 at $20 apiece
Filing Range:10 mil. shares @ $13 to $15
Shares Outstanding:34.86 mil. shares
Donaldson, Lufkin & Jenrette/J.P. Morgan/Legg Mason Wood Walker
(Data in $ millions)
Total Revenue $9.42 $27.69
Net Loss -22.67 -60.33
Net2000 Communications offers broadband telecommunications services to businesses located throughout the mid-Atlantic and northeastern regions of the United States. The company focuses on high-end customers, primarily large and medium-sized businesses, having a minimum of 50 business access lines and spending $50,000 annually for Internet, data and voice telecommunications services. Today, Net2000 offers an integrated package of high-speed data services, Internet services, local telephone services and long distance services. Since introducing its Net2000-branded services in July 1998, the company has successfully acquired over 1,100 new business customers, representing approximately 78,000 access lines. In January 2000, Net2000 entered into a letter of intent to sell approximately 250 resale customer accounts representing approximately 10,000 access lines.
Net proceeds of approximately, $184.7 million will used by the company to expand its sales force, fund expansion, repay senior discount notes and for other general corporate purposes.
The Carlyle Group, Northern Telecom Ltd., Blue Water Capital LLC, Societe Generale Capital Corp., Mid-Atlantic Venture Funds, PNC Equity Management Corp.