FieldCentrix Inc., a provider of wireless Internet-based software solutions for the field service industry, raised $23 million in venture capital to support its expansion into new markets, including electrical, utilities, property management and heavy equipment and materials handling. FieldCentrix said Grainger Technology Partners and Sigma Partners were the lead investors for this round of financing.
The underwriters of SignalSoft Corp.’s initial public offering of 4.4 million shares of common stock have exercised in full an option to purchase an additional 660,000 shares from the company to cover over-allotments. The offering was made through an underwriting group managed by Salomon Smith Barney; Donaldson, Lufkin & Jenrette; and Lehman Brothers. SignalSoft said the additional net proceeds of approximately $10.4 million brings the total proceeds of the offering to about $79.1 million.
Advanced Radio Telecom Corp. completed its acquisition of 39 GHz spectrum licenses from Bachow Communications and BroadStream Communications Corp. These acquisitions, along with the Federal Communications Commission’s 39 GHz auction, which concluded in May, increase ART’s spectrum depth to more than 400 megahertz in 40 major markets, said ART. The company issued approximately 10 million shares as consideration for the licenses. ART also said it has the option to acquire more spectrum licenses from BroadStream and Bachow for additional shares.
Standard & Poor’s placed its AA- long-term corporate credit rating, A-1-plus short-term corporate credit rating and related ratings for AT&T Corp. and units on CreditWatch with negative implications. S&P said the downgrade was due to concerns regarding AT&T’s cable television strategy, long-term prospects for AT&T’s core long-distance business, a more aggressive wireless expansion plan and the company’s overall strategic direction. S&P noted that AT&T’s aggressive wireless expansion plan had absorbed much of the $10.3 billion the company raised in the initial public offering of its wireless tracking stock. S&P said the magnitude of a potential downgrade could be in excess of one notch.
