Austar United Communications Ltd.(Brief Article)
Multichannel News, July, 1999
SYDNEY, AUSTRALIA -- UnitedGlobalCom's Austar United Communications Ltd. made a strong debut on the Australian Stock Exchange last week.
Austar stock opened last Tuesday at $A5.63 ($US3.65), nearly a 20 percent premium to its offering price of $A4.70 ($US3.05). The stock closed at $A5.57 ($US3.61) after reaching a high of $A5.81 ($US3.77).
The listing values the company at around $A2.5 billion ($US1.625 billion), with just over 20 percent of the stock in public hands. UnitedGlobalCom raised about $A480 million ($US312 million) from the offering.
At the same time, United PanEurope Communications N.V. (UPC), UnitedGlobalCom's European unit, is selling $1.5 billion of 10-year bonds. The offering will be denominated in U.S. dollars and Euros.
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