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Public Offering for InterNap

Carrier Hotels Staff Posted Jan 14, 2004

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Network services provider Internap hopes to sell more than 52 million shares of common stock in an upcoming public offering, the company said Tuesday. At its current stock price, that would raise approximately $135 million for the Atlanta-based company, which specializes in managed Internet connectivity services.

Internap filed a registration statement with the Securities and Exchange Commission to sell 45.6 million shares, which will include 35 million newly-issues shares and 10.6 million shares being sold by existing stakeholders. Internap will also offer the underwriters the option to buy another 6.8 million shares to cover over-allotments.

The offering will be made through an underwriting syndicate led by SG Cowen and including CIBC World Markets, Thomas Weisel Partners LLC, Jefferies & Company, Inc. and Needham & Company, Inc.

Internap currently serves more than 1,500 Fortune 500 and mid-tier business customers in the financial services; travel/hospitality; manufacturing; media/entertainment; technology and retail industries.