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ICO Lists at $12 Closing at $12-1/16
New York - July 31, 1998 - ICO Global Communications, a medium earth orbit constellation player announced new financing totalling $690 million this Friday. The financing includes senior unsecured notes of $570 million and an IPO of 10 million ordinary shares at $12. Despite the allure of space, ICO's first debut on NASDAQ closed flat at $12-1/16

The senior notes, organized by lead underwriters Donaldson, Lufkin & Jenrette and Goldman, Sachs & Co., comprised $460 million of U.S. dollar senior notes with warrants, and U.S. $110 million of euro senior notes with warrants. Bear, Stearns & Co. and CIBC Oppenheimer participated as co-managers in this offering. The notes and warrants have been approved for listing on the Luxembourg Stock Exchange.

The IPO was for 10 million ordinary shares at an initial price of $12 per share. Trading began today on the NASDAQ National Market, where the ordinary shares will trade under the ticker symbol "ICOGF".

ICO Chief Executive Officer Olof Lundberg said: "This is a major achievement for the company and helps ensure our financial future. We are now poised to go forward to meet our service launch date in the year 2000."

ICO Chief Financial Officer Norman Lindsay said: "The successful IPO is a clear demonstration of the company's strengths and potential. Investors have understood us and supported us despite a general softness in stock market conditions."

Donaldson, Lufkin & Jenrette Securities Corp. and its affiliates were joint lead manager and sole bookrunner for the IPO. Credit Suisse First Boston and Salomon Smith Barney were the other lead managers for the offering. The junior co-managers of the syndicate comprised ABN Amro Rothschild, BA Robertson Stephens, Bear, Stearns & Co., and HSBC Investment Bank.

Prior to the IPO, there was no public market for ICO Global Communications shares in the United States or elsewhere.

ICO Global Communications is developing and commercializing a satellite and ground system designed to allow local companies to offer mobile telephone, data, facsimile and other services to customers worldwide. ICO's services are expected to be launched in the year 2000, based on a new generation of pocket-size mobile phones that allow users to make and receive calls at any time, anywhere in the world.

ICO handsets will include multi-mode units capable of working with satellite, cellular and PCS networks around the world. If no cellular network operator is available, the handset will roam to ICO's satellite network to offer customers unrestricted mobility and accessibility for their communications needs.

Copies of the prospectus for the Offering of Shares in ICO Global Communications will be available from the Prospectus Department, Donaldson, Lufkin & Jenrette Securities Corp., 277 Park Ave., New York, NY 10172, Tel: 212/892-3000.

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