Standard & Poor’s Corp., New York, has placed the low-tier, speculative-grade CCC rating of
$350 million in Globalstar Telecommunications Ltd. convertible preferred stock due 2011 on “CreditWatch with
negative implications.” Proceeds of the convertible preferred stock are to be used for purchasing preferred
partnership interests in Globalstar L.P., which in turn will use the investment dollars for building its low-earth-orbit
satellite telecommunications system. Globalstar L.P. expects to begin commercial service by September.
Nextel
Partners, a joint venture of Nextel Communications Inc., DLJ Merchant Banking Group and others, is planning to raise
about $675 million to help build out its enhanced specialized mobile radio network. The joint venture has licenses
covering 33 million people in small- and medium-sized markets surrounding Nextel Communications’ service
territories.
Plantronics Inc., a telephone headset manufacturer, has registered with the Securities and Exchange
Commission to sell a secondary offering of 1.55 million shares of common stock. The shares are being sold by
“certain stockholders … (and) Plantronics will not receive any proceeds from the sale,” the company said.
Merrill Lynch & Co., Salomon Smith Barney, Hambrecht & Quist and McDonald. Investments Inc. are underwriters of
the proposed stock sale.
RF Micro Devices Inc. announced it is pricing its public offering of 2.25 million shares of
common stock at $61.44 per share. Of the shares offered, two million were offered by the company and 250,000 were
offered by TRW Inc. RF Micro Devices previously announced it would offer 1.75 million shares, but increased the
amount to two million shortly before pricing.
WinStar Communications Inc., a fixed wireless carrier, has registered
with the Securities and Exchange Commission for a planned secondary offering of 4.2 million shares of common stock.
“There are no selling shareholders included in this registration,” WinStar said. “The net proceeds …
will be used for the general development and growth of WinStar’s operations, both domestically and abroad.”
Salomon Smith Barney Inc. and Credit Suisse First Boston Corp. are managing underwriters of the proposed stock sale.
