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Satellite services firm PanAmSat relaunched its public stock recently offering 50 million shares at $18 per share, below the $19 to $21 per share range the company anticipated in the original filing.
The company had expected to raise more than $1 billion, but the reduced offering price Yielded $900 million. After fees, the company will receive approximately $750 million.
According to papers filed with the Securities and Exchange Commission, PanAmSat said it would use more than $200 million of the net proceeds to pay a dividend to existing stockholders and apply the rest to the company's debts. As of Dec. 31, 2004, the company had $3.86 billion in outstanding debt mostly attributable to the high cost of launching satellites -...