CINCINNATI-Convergys Corp., a subsidiary of Cincinnati Bell Inc., filed an amendment to its registration statement related to the initial public offering of Convergys shares.
The amended statement proposes to sell 18 million common shares for $17 to $19 each. Convergys granted the underwriters an overallotment option for up to 2.7 million shares more. The initial plans were to raise more than $400 million.
Cincinnati Bell plans a tax-free spinoff of Convergys to its shareholders following the IPO. The company plans to use the proceeds to pay off debt.
The underwriters are Morgan Stanley Dean Witter, Salomon Smith Barney, Merrill Lynch & Co., BancAmerica Robertson Stephens and Bear, Stearns & Co. Inc. Convergys, which includes Cincinnati Bell Information Systems and Matrixx Marketing Inc., provides outsourced customer management services. Cincinnati Bell’s interest in a regional cellular partnership also is part of Convergys.
