June 16, 2005 -- (WEB HOST INDUSTRY REVIEW) -- Cogent Communications Group (cogentco.com) announced on Wednesday that the underwriters for its public offering of 10,000,000 shares of common stock have decided to purchase an additional 1,500,000 shares of stock.
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The stock was sold to the public at $6.00 per share on June 7, 2005, generating $69 million, from which Cogent will receive net proceeds of approximately $65 million. The company's common stock closed on June 14, 2005 at $7.04 per share.
The net proceeds will be used to repay $27 million of Cogent's debt, finance the expansion of its sales and marketing initiative, connect additional buildings to its network, primarily in Europe, and for general corporate purposes.
Cogent Communications provides businesses with high speed Internet access and point-to-point transport services. Its facilities-based, all-optical IP network backbone is located in over 11 countries and provides IP services in the North American and European markets.
