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Mindspring sets offering
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December 7, 1998: 7:56 p.m. ET
MindSpring to raise nearly $130 million in secondary offering
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NEW YORK (CNNfn) - Internet service provider MindSpring Enterprises Inc. announced plans Monday to sell an additional 2.3 million shares to the public in order to raise money for new acquisitions and expansion.
The Internet service provider announced it had filed a registration statement with the Securities and Exchange Commission for the offering, which includes 300,000 shares to cover over-allotments, if needed.
If the over-allotments are exercised, the company said it would raise about $129.5 million from the secondary offering.
In its filing, MindSpring said it plans to use the additional money for expansion, additional working capital and general corporate purposes, as well as for possible strategic acquisitions of subscriber accounts and complementary businesses or technologies.
The offering, which will bring the number of common shares outstanding to nearly 28 million, is expected to be completed in December. Underwriters include ING Baring Furman Selz LLC and Donaldson, Lufkin & Jenrette Securities.
Since going public at $8 a share in March 1996, MindSpring has seen its stock reach for the stratosphere. Between July 1997 and July 1998, for instance, shares in MindSpring leapt from roughly $13 to $150. Soon after, the stock (MSPG) was split 3-for-1 and on Monday closed up 4-3/8 at 63-7/8 in New York. 
-- from staff and wire reports
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MindSpring
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