NextCard, Inc., creator of The First True Internet Visa, Thursday announced the public offering of 8,000,000 shares of its common stock at a price of $35.94 per share. The offering consists of 4,500,000 shares being sold by the Company and 3,500,000 shares being sold by certain selling stockholders.
NextCard’s public offering was co-led by Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co., with Thomas Weisel Partners LLC, Prudential Securities and U.S. Bancorp Piper Jaffray Inc. acting as co-managers. The Company and the selling stockholders have granted the underwriters a 30-day option to purchase up to 900,000 shares from the Company and up to 300,000 shares from certain selling stockholders to cover over-allotments, if any.
NextCard is a leading Internet-based provider of consumer credit. The Company was the first to offer an online credit approval system for a Visa(R) card and to provide interactive, customized offers for credit card applications. NextCard has continued to innovate with its GoShopping!(SM) Web site, the NextCard Concierge(SM) online wallet companion, personalized PictureCard(SM) design and interactive customer service. The NextCard Internet Visa, termed The First True Internet Visa, is marketed to online consumers through the Company’s website, located at [www.nextcard.com].
NextCard intends to use the net proceeds of the offering for general corporate purposes, including working capital, funding of credit card receivables and future capitalization of NextBank N.A., its limited purpose banking subsidiary. The Company will not receive any proceeds from the sale of the common stock offered by the selling stockholders.
A copy of the prospectus relating to the offering may be obtained from Donaldson, Lufkin & Jenrette Securities Corporation, 277 Park Avenue, New York, New York 10172, (212) 892-3000; Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, (212) 902-1000; Thomas Weisel Partners LLC, One Montgomery Street, San Francisco, CA 94104, (415) 364-2500; Prudential Securities , 111 8th Avenue, 5th Floor, NY, NY 10011, (212) 776-8190; and U.S. Bancorp Piper Jaffray Inc., 222 South Ninth Street, Minneapolis, Minnesota 55402, (612) 342-6000.