The 44 percent owner of Bermuda?s largest cellular provider is planing a public offering of approximately 3.6 million shares of common stock.

The offering by Atlantic Tele-Network consists of 2.4 million shares to be offered by the company and approximately 1.2 million shares to be offered by its chairman Cornelius B. Prior, Jr. and certain related entities.

ATN is the 44 percent owner of Bermuda Digital Communications Ltd. which is the parent company of CellularOne. ATN also has interests in Guyana, the US and the US Virgin Islands

Based on Friday?s closing price of $20.83 per share, the offering before expenses could raise almost $80 million assuming no exercise of the underwriters? over-allotment option, the company said.

Proceeds from the sale of shares by ATN will be used to repay a portion of its indebtedness, to fund capital expenditures, acquisitions and/or strategic investments and for general corporate purposes.

The company will not receive any proceeds from the sale of shares by the selling stockholders.

Raymond James and UBS Investment Bank will serve as joint book-running managers for the offering, with Stifel Nicolaus as a co-managing underwriter.

The underwriters have an option to purchase up to an additional 540,000 shares from the Company to cover over-allotments, if any.