Exodus Shares Fall As Company Announces New Issues
Shares of
Exodus Communications
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fled south this morning on news the company intends to sell about 13 million shares of common stock and $500 million in convertible subordinated notes in public offerings.
Its shares recently fell about 11.6%, or $2.69, to $20.50, on pre-open
Island
trading, down from Friday's closing price of $23.19 on the
Nasdaq
.
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The Santa Clara, Calif., Internet hosting and network services provider said Monday it intends to use the proceeds for acquisitions as well as for general corporate purposes related mainly to the expansion of its business.
Goldman, Sachs
,
Merrill Lynch
,
Morgan Stanley Dean Witter
and
J.P. Morgan Securities
are managing the offerings.
