ARLINGTON, Va.-Omnipoint Corp. has filed a registration statement with the Securities and Exchange Commission relating to its proposed public offering of 7 million shares of common stock.
Omnipoint said the offering will consist of 5 million shares of common stock to be sold by the company. Two million shares will be sold by certain stockholders of Omnipoint.
In addition, certain stockholders have granted to the underwriters an option to purchase up to about 1 million additional shares of common stock to cover any over allotments, said the company.
Omnipoint said it will use a portion of the offering’s net proceeds to pay for its personal communications services basic trading area licenses. Another portion will go towards interest payments, working capital and capital and expenditures for its BTA networks and its New York major trading area network. Omnipoint said the balance will be used for general corporate purposes.
Omnipoint was the successful bidder for 18 BTAs covering about 13.4 million people in the recently completed C-block auction of personal communications services licenses.
Donaldson, Lufkin & Jenrette Securities Corp., Allen & Company Inc., Goldman, Sachs & Co., Montgomery Securities and Salomon Brothers Inc. are the managing underwriters for the offering.
In February, Omnipoint completed it initial public offering of 8.1 million shares of common stock, raising $119.8 million.
