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| Williams Communications Group, Inc. |
| One Williams Center, Tulsa, OK 74172 * (918) 573-2000 |
| Business Description | We own, operate and are extending a nationwide fiber optic network focused on providing voice, data, Internet and video services to communications service providers. We also sell, install and maintain communications equipment and network services that address the comprehensive voice and data needs of organizations of all sizes. Our two primary business units are Williams Network, which we will refer to as Network, and Williams Communications Solutions, which we will refer to as Solutions. |
| Offering Information Company has | ||||
| Trading As | WCG (NYSE) | Industry | Telecommunications (SIC 4813) | |
| Type of Stock Offered | Common Shares | Filing Date | 4/9/99 | |
| Domestic Shares Offered | 29,600,000 | Offer Date | 9/30/99 | |
| Foreign Shares Offered | 0 | Filing Range | $21.00 - $23.00 | |
| Company Shares | 29,600,000 | Offer Price | $23.00 | |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - | |
| Gross Proceeds | $680,800,000 | Selling | - - | |
| Expenses | - - | Reallowance | - - | |
| Post-IPO Shares | - - | Employees | - - | |
| Spun out from: | Williams Cos. | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | ||||
| Revenues | - | - | 703.586 | 1,426.130 | 1,717.186 | - | - |
| Income from Oper. | - | - | -1.692 | -65.084 | -204.767 | - | - |
| Net Income | - | - | -3.514 | -35.843 | -184.991 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 102.69 | 20.409 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -363.83 | - | - | ||||
| Cash Flow - Inv. | -496.08 | - | - | ||||
| Cash Flow - Fin. | 890.62 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/98 | Financial Ratios | ||||
| Total Assets | 2,333.48 | Current Assets | 887.58 | Current Ratio | 1.59 |
| Total Liab. | 1,330.86 | Current Liab. | 557.05 | Debt Ratio | 57.03% |
| Total Equity | 1,002.62 | Working Cap. | 330.53 | Debt to Equity Ratio | 1.33 |
| Cash | 42.00 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to development and light the Williams network, to fund operating losses, to repay indebtedness and working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Davis, Polk & Wardwell |
| Auditor | Ernst & Young |
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