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SPORTSLINE PRICES SECONDARY OFFERING OF 4 MILLION SHARES
Published April 24, 1998
SportsLine USA announced that its secondary public offering of four million shares of common stock was priced at $37.625 per share. Of the shares being offered, 2,288,430 shares are being offered by SportsLine and 1,711,570 shares are being offered by selling shareholders. Net proceeds are expected to be approximately $81M. SportsLine also has granted the underwriters an option to purchase 600,000 shares of common stock to cover over- allotments, if any. Underwriters include BancAmerica Robertson Stephens, NationsBanc Montgomery Securities, PaineWebber Inc. and Salomon Smith Barney. SportsLine plans to use the net proceeds from the offering for working capital and other corporate purposes, including expansion of its marketing and ad sales efforts, content development and licensing, international expansion, capital expenditures and potential acquisitions of or investments in complementary businesses, products and technologies (SportsLine USA).