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DDi Plans Public Offering to Repay Debt

February 01, 2001|Bloomberg News

DDi Corp., an Anaheim provider of electronics design and manufacturing services, said Wednesday that it hopes to raise $90 million in a public offering of 6 million shares by the firm and existing shareholders.

DDi said in a document filed with the Securities and Exchange Commission that it would sell 3 million shares and certain shareholders, whom it didn't identify, would sell 3 million shares.

The company also plans to sell $100 million of convertible debt securities that mature in 2008, according to the SEC document.

After the stock sale, the number of DDi shares outstanding would increase 6.8% to 46.9 million. This figure doesn't include any shares that would be issued upon conversion of the debt securities.

DDi expects its share sales to raise $90 million after expenses, for use in repaying debt and related costs. The net proceeds from the subordinated note sale, estimated at $97 million, would also be devoted to debt repayment.

Underwriters for the stock sale will include Credit Suisse First Boston.

DDi's stock price fell $1.81 Wednesday to close at $30.44 a share on Nasdaq.

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