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Article: American Telecasting of Colorado Springs Raises $20 Million to Help Pay Bills.(Originated from Gazette Telegraph, Colorado Springs, Colo.)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- May 26, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLORADO SPRINGS, Colo.--May 25--Colorado Springs-based American Telecasting Inc. raised $20 million this week to help pay the bills as it seeks a new telecommunications partner and rolls out new services, officials said Thursday.
To raise the cash, the company sold 1.7 million shares of stock, mostly to institutional investors, for $12.621/2 a share.
Bob Hostetler, president and chief executive officer, said money raised- less fees to investment bankers -- will be used to complete the acquisition of an unspecified cable system; launch service in Las Vegas, Anchorage, Alaska, and Portland, Ore.; acquire rights to broadcast channels in some markets; and cover ...