AT&T LatAm Files for Stock Offering

BOSTON (08/08/2000) - AT&T Latin America Corp. filed for a secondary offering of 35 million shares of Class A common stock with the U.S. Securities and Exchange Commission (SEC), the company announced Monday.

AT&T Corp. announced the creation of AT&T Latin America in November 1999. AT&T Latin America consists of Brazilian carrier Netstream, bought in mid-1999, and Argentinian carrier Keytech, bought in February 2000. AT&T Latin America is also in the process of merging with FirstCom Corp., a carrier with operations in Colombia, Chile and Peru. AT&T Latin America was founded to provide a variety of telecommunications services to businesses in the region.

AT&T Corp. is AT&T Latin America's majority owner with a 60 percent stake, while FirstCom shareholders maintain 34 percent of the company. The remaining 6 percent is owned by Promon Tecnologia, a Brazilian company that sold Netstream to AT&T for US$300 million.

In July, AT&T Corp. announced plans to invest about $500 million in AT&T Latin America's Argentina operation. [See "AT&T LatAm to Invest US$500M in Keytech," July 13.]The secondary offering is subject to the merger of FirstCom and AT&T Latin America. The new shares would trade under the Nasdaq symbol "ATTL". A secondary offering or secondary distribution is the public sale of previously issued securities -- in this case, FirstCom shares.

FirstCom shareholders will hold a special meeting on the merger Aug. 28 in New York, and paperwork filed with the SEC indicates the merger is expected to be completed by Aug. 31.

AT&T Latin America, in Coral Gables, Florida, can be reached at +1-305-459-6300.

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