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Shares of

Exodus Communications


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


trading, down from Friday's closing price of $23.19 on the



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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


J.P. Morgan Securities

are managing the offerings.