Convergys Corp. announced it established a revolving credit facility for $600 million. The funds
are to be used for general corporate purposes, financing acquisitions and to repay inter-company debt to Cincinnati Bell
Inc. as part of completing the spinoff of the company, said Convergys. Cincinnati Bell said earlier that it planned to
divest its remaining ownership interest in Convergys by Dec. 31.
Bernstein Litowitz Berger & Grossman L.L.P.
gave notice on behalf of purchasers of the common stock of USN Communications Inc. that a class-action lawsuit was
filed in the U.S. District Court for the Southern District of New York, pursuant to the company’s initial public offering
of common stock on or about Sept. 24, 1997. The complaint charges USN Communications and certain officers and
directors with violations of Section 11 and 15 of the Securities Act of 1993. Specifically, the complaint charges the
prospectus and registration statement for the IPO contained material omissions and misstatements pertaining to the
company’s financial condition, the viability of its business strategy and its future prospects as a reseller of
telecommunications services, said Bernstein Litowitz Berger & Grossman.
Newcourt Capital announced it arranged
a $79.5 million debt facility for
SOL Communications to finance the development and initial operation of a new
wireless telephone network in Texas. Newcourt Capital will provide a $62 million senior debt facility and $17.5 million
in subordinated debt. Equity financing will be provided by Alta Communications, a $500 million private equity fund
that is focused on communications and media investments, Newcourt said.
StockTips announced it launched an all-
in-one alerting service and financial news package with Nokia Corp., CBS MarketWatch and Data Broadcasting Corp.
StockTips uses content from CBS MarketWatch and DBC. The service provides investors and investment managers
with access to critical financial information on their portfolios in real time, through digital wireless devices.
SkyTel
Communications Inc. announced it has added The Weather Channel and Golf Magazine to its portfolio of information
services available via its Custom Newscast service.
