AT&TLatinAmerica (ATTL)

[Drillbit]

Note the Brokerages that will cover ATTL! AT&T LatAm files to sell 35 mln shares in U.S.
(UPDATE: Adds details)

WASHINGTON, Aug 7 (Reuters) - The Latin America subsidiary of U.S. telecommunications giant AT&T Corp. (NYSE:T - news) on Monday filed with U.S. regulators to sell 35 million shares of Class A common stock in a public offering that could raise as much as $543 million.

Coral Gables, Fla.-based AT&T Latin America Corp., which provides broadband communications services to major cities in Argentina, Brazil, Chile, Colombia and Peru, did not specify the price per share in a prospectus filed with the U.S. Securities and Exchange Commission.

``Our communications services integrate data, Internet, local and long distance voice, video and electronic commerce services,'' the company said in the prospectus.

Incorporated in October 1999, AT&T Latin America began operations in Brazil in December 1999 when it acquired Netstream Telecom and also owns and operates high-speed fiber optic networks in Brazil.

``Our objective is to be a leading provider of broadband communications services to business customers in the countries in South America and the Caribbean, plus Panama, but excluding Venezuela and Cuba,'' the company said.

The company said it would use the net proceeds from the offering to expand its communications networks, to repay some of the funds borrowed under its $100 million credit with an AT&T Corp. affiliate, as well as for working capital and other general corporate purposes.

The company said the offering would be made to the public after it merges with FirstCom Corp. (NasdaqSC:FCLX - news), a telecommunications provider with operations in Chile, Colombia and Peru. After the merger, which is expected to be completed by Aug. 31, the company will its shares on Nasdaq under the symbol ``ATTL'' (Nasdaq:ATTL - news).

FirstCom provides broadband communications services in Santiago, Chile, Lima, Peru, and Bogota and Cali, Colombia. Its shares closed up 3/4 to 13-1/8 on Nasdaq.

AT&T Latin America posted $16.1 million in net revenue and about $38.3 million in net losses during the first three months of 2000, according to the filing.

The underwriters, Morgan Stanley Dean Witter, Credit Suisse First Boston, Merrill Lynch & Co., J.P. Morgan & Co. and Salomon Smith Barney have been allotted 5.225 million additional shares in the event of heavy demand.

AT&T Latin America's Class A shares will carry one vote while Class B shares, held by the AT&T parent, carry 10 votes each.