P-Com Completes $43M Private Round

P-Com Inc. of Campbell, Calif., raised $43 million earlier this month through a private offering of 7,530,642 shares of common stock, according to documents filed with the Securities and Exchange Commission.

Whitman Partners LP and Seligman Communications & Information Fund Inc., both of Palo Alto, Calif., were the lead investors, committing $15 million each.

Other investors included affiliates of Gruber McBaine Investment Advisors of San Francisco, which purchased an aggregate of $5 million. They were Gruber McBaine International, Lagunitas Partners LP, Trustees of Hamilton College and Lockheed Martin Corp. Master Retirement Trust.

Four affiliates of Boston-based Wellington Management Co. LLP also bought an aggregate of $5 million. Signing on were Vanguard Explorer Fund, Quissett Partners LP, Quissett Investors (Bermuda) LP and Hazelbrook Partners LP.

In addition, San Francisco-based Weber Capital Partners LP purchased $1.5 million while its Westpool Investment Trust and Lion Investments Ltd. each purchased $750,000.

P-Com priced the shares at $5.71, a 15% discount to the 60-day average of its closing sale price.

A portion of the proceeds were used to repay the company’s exiting credit facility, which it has established with Union Bank of California and BankAmerica.

P-Com develops, manufactures, and markets network access systems for the worldwide wireless telecommunications market.