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iBasis Completes
Common Stock and Convertible Note Offering
Burlington,
Mass. -March 10, 2000- iBasis, Inc., (Nasdaq: IBAS)
announced today that it has completed a secondary public
offering of 3,500,000 shares of common stock at a price
of $73.00 per share and a public offering of $150 million
of 5¾% convertible subordinated notes due 2005. Both
offerings are being managed through an underwriting
syndicate led by FleetBoston Robertson Stephens Inc.
and co-managed by Chase Securities Inc., U.S. Bancorp
Piper Jaffray Inc. and Dain Rauscher Incorporated.
An aggregate of 3,500,000 shares of the company's common
stock were offered in the common stock offering, of
which 2,026,637 shares were offered by the company and
1,473,363 shares were offered by certain selling stockholders.
The company will not receive any proceeds from the sale
of shares by the selling stockholders. In addition,
the underwriters of the common stock offering were granted
a 30-day option to purchase up to an aggregate of 525,000
additional shares of Common Stock from certain selling
stockholders and the company to cover over-allotments,
if any.
An aggregate of $150,000,000 principal amount of 5¾%
convertible subordinated notes due 2005 were also offered.
The Notes will initially be convertible into shares
of the company's common stock at a conversion price
of $86.14. In addition, the underwriters of the convertible
subordinated note offering will be granted a 30-day
option to purchase up to an aggregate of $22,500,000
principal amount of Notes from the Company.
Copies of the prospectuses relating to the offerings
and meeting the requirements of the Securities Act of
1933 may be obtained from FleetBoston Robertson Stephens
Inc., 555 California Street, Suite 2600, San Francisco,
CA 94104, tel.: 415-781-9700, fax: 415-248-4042; Chase
Securities Inc., One Bush Street, San Francisco, CA
94104, tel.: 415-439-3000, fax: 415-439-3624; U.S. Bancorp
Piper Jaffray Inc., 222 South Ninth Street, Minneapolis,
MN 55402, tel.: 612-342-6000, fax: 612-342-1037; and
Dain Rauscher Incorporated, 60 South Sixth Street, Minneapolis,
MN 55402, tel.: 612-371-2818, fax: 612-371-2837.
Except for historical information, all of the expectations,
projections and assumptions contained in the foregoing
press release constitute forward-looking statements
under the Private Securities Litigation Reform Act of
1995 and involve risks and uncertainties. Important
factors that could cause actual results to differ materially
from such forward-looking statements include, but are
not limited to, the considerations described as "Risk
Factors" in iBasis' prospectus dated March 8, 2000,
and the company's other SEC filings
About iBasis
Founded in 1996, iBasis (Nasdaq: IBAS) is the leader
in advanced Internet-based communications. iBasis has
built the world's first global IP network that delivers
toll quality voice and fax service and other advanced
hosted communications solutions, including VoCore, to
global tier one carriers and other service providers.
The iBasis Network™ is the world's largest international
Cisco Powered Network™ for Internet Telephony. iBasis
customers include 10 of the top 12 US international
carriers. The company can be reached at its worldwide
headquarters in Burlington, Mass., USA at 781-505-7500
or on the Internet at www.ibasis.net.
iBasis has a long-standing strategic relationship with
Cisco, as an Alliance Partner, an Ecosystem Partner,
and one of only 21 Cisco Service Provider Global Accounts.
iBasis,
The iBasis Network and Assured Quality Routing are
registered trademarks of iBasis, Inc. Cisco and Cisco
Powered Network are registered trademarks of Cisco
Systems, Inc.
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