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Debt offerings come to the Alley ;Dot-com firms turn to borrowing as market shuns secondary offerings.(Brief Article)(Statistical Data Included)
Crain's New York Business, January, 2000 by walsh, mark
Instead of high-flying IPOs, Silicon Alley is kicking off the new year with a flurry of less glamorous debt offerings. Junk bond deals by EarthWeb Inc., Globix Corp. and Mail.com Inc. may signal a shift toward borrowing by local dot-coms as the market for equity offerings softens. Like capital from their equity offerings, proceeds from the debt deals will help fund aggressive acquisition strategies and internal expansion by these companies.
EarthWeb's $86 million debt offering last week was a way to raise additional capital without further diluting its stock. "This is a way of getting new investors into the company," says Irene Math, EarthWeb's senior vice president of finance. She notes that investor demand in the debt market is strong for dot-coms...
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