July 5, 2006 – Atlantic Tele-Network Inc. has announced plans to commence a public offering of approximately 3.6 million shares of common stock, consisting of 2.4 million shares to be offered by the Company and approximately 1.2 million shares to be offered by Cornelius B. Prior Jr., the company's current chairman and former CEO.
Based on Friday's closing price of $20.83 per share, the net proceeds of the offering to the company and the selling stockholders before expenses are estimated to be $70.9 million. Net proceeds from the sale of shares by the company will be used to repay a portion of its indebtedness, to fund capital expenditures, acquisitions and/or strategic investments and
for general corporate purposes.
Atlantic Tele-Network, Inc. is a telecommunications company with corporate offices in Salem, Mass., and St. Thomas. Its principal subsidiaries include: Choice Communications, LLC, which provides wireless television and wireless broadband services, as well as dial-up Internet services in the U.S. Virgin Islands.