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AZURIX CORP. INITIAL PUBLIC OFFERING PRICED AT $19 PER SHARE
FOR IMMEDIATE RELEASE: Wednesday, June 09, 1999
HOUSTON – Azurix Corp., an affiliate of Enron Corp., announced that the initial public offering of 36.6 million shares of its common stock was priced today at $19 per share. The stock will trade on the New York Stock Exchange under the symbol “AZX.”
The managing underwriters are Merrill Lynch & Co.; Credit Suisse First Boston; Donaldson, Lufkin & Jenrette; PaineWebber Incorporated; Banc of America Securities LLC; Deutsche Banc Alex. Brown; ABN AMRO Rothschild; and HSBC Investment Banking. The underwriters have been granted an over-allotment option for an additional 5.49 million shares of common stock.
Subject to customary closing conditions, net proceeds from the initial public offering are expected to be approximately $654 million. If the over-allotment option is exercised in full, the net proceeds are expected to be approximately $752 million.
Azurix expects to receive approximately $305 million of the IPO proceeds, before deducting underwriting costs and expenses. The remaining proceeds, including any proceeds from the exercise of the over-allotment option, will be received by the selling stockholder, Atlantic Water Trust (AWT), in which Enron holds a 50 percent voting interest and institutional investors hold an indirect 50 percent voting interest. AWT will own a majority of Azurix common stock upon completion of the IPO.
Azurix is a global water company that owns, operates and manages water and wastewater assets, provides water and wastewater related services, and develops and manages water resources. Azurix maintains headquarters in Houston and London.
Copies of the prospectus relating to the initial public offering may be obtained from Merrill Lynch & Co., World Financial Center, 250 Vesey Street, North Tower, New York, NY 10281.
Click here to download this press release in Microsoft Word format.
For additional information please contact:
Diane Bazelides
(713) 345-5209
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