Hughes Prepares Public Offering
Hughes Communications on Tuesday announced the details of an underwritten public offering of stock.
The offering will consist of 2.239 million shares, of which Hughes is offering about 2 million shares. About 239,600 shares would be offered by other selling stockholders, including members of the company's senior management.
Hughes said it also granted an option to underwriters to purchase up to an additional 335,940 shares of common stock. The shares will be sold under Hughes' effective shelf registration statement.
Hughes said it intends to use the net proceeds for the acquisition of a satellite or for general corporate purposes. The company added that it will not receive any proceeds from the sale of the shares by selling stockholders.