Tricom, S.A. became the first Dominican company ever to list on the New York Stock Exchange. Tricom S.A. is the alternate provider of diversified telecommunications services in the Dominican Republic, second to Codetel, a GTE subsidiary. Tricom is 60% owned by Grupo Financiero Nacional of the Dominican Republic and 40% by the U.S."s Motorola. Following the sale, Motorola and Grupo Financiero Nacional will retain 90% of the company’s shares. Since Tricom began operations in 1992 as a low-cost international long distance service provider, the company’s services have expanded to include basic local service, national long distance, cellular, paging and Internet access. American Depositary Receipts (ADRs) began trading 5 May on the New York Stock Exchange under the ticker symbol "TDR". The initial public offering consists of 5.7 million shares of Tricom S.A. Class A Common Stock at a price of $13.00 per share. Bear Stearns served as lead manager in the offering with Morgan Stanley Dean Witter as co-manager. The Bank of New York will act as the depositary bank for the securities. The company said that the offering will result in net proceeds of approximately $68.9 million. Of the total net proceeds, the company will use approximately $51.7 million to fund capital expenditures and $17.2 million to repay short-term indebtedness incurred to fund equipment purchases. A copy of the prospectus relating to this offering may be obtained from ADP Prospectus Plus Fulfillment Center (for Bear Stearns) by fax request at 516-254-7170.
