VC Buzz - $397.05+ Million in Today's Deals

By Mary Evelyn Arnold | December 22, 1999
Page 1 of 9

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CAIS Internet to Receive Up to $200 Million Investment From KKR

WASHINGTON-- CAIS Internet (NASDAQ:CAIS) a provider of broadband Internet access solutions, signed a definitive agreement with an affiliate of Kohlberg Kravis Roberts & Co. under which KKR will make a strategic investment of up to $200 million. CAIS currently has master agreements to be the exclusive provider of high-speed Internet access to over 9,000 hotels worldwide, covering in excess of 1.1 million rooms. In addition, the company has long-term agreements to provide Internet access to 575 multi-family communities, reaching close to 200,000 residences.

An initial $100 million investment will be in the form of convertible preferred stock with a conversion price of $16.50 per share. The agreement also includes a one-year option for KKR to purchase an additional $100 million of convertible preferred stock with a conversion price of $20.00 per share. KKR's initial purchase will represent a 16.5 percent fully diluted capital interest in CAIS Internet. Upon the exercise of the option, KKR's investment would represent a 26.4 percent fully diluted capit

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