BIGGEST STOCK OFFERINGS

Freddie Mac
McLean Capital
Raised: $975 million

Congress chartered Freddie Mac in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing. To maintain its financial strength, it has usually issued preferred stock.

But for the first time in Freddie Mac's 10-year history as a publicly traded corporation, management decided to issue common stock to raise capital -- almost $1 billion after expenses -- on Nov. 16. The time was right to exploit the steady growth of the company's stock price.

"We grew our loan portfolio three times higher than we anticipated in 1998," explains Christen Farmer, manager of shareholder relations.

Stockholders' equity plus reserves for mortgage losses totaled $11.6 billion at the end of last year, compared with $8.2 billion at the end of 1997. Part of that increase came from the secondary offering of 17.1 million shares at $58.65 per share.

The company's stock climbed as high as $66.38 after the secondary offering, but retreated to $58.25 as of mid-January. It trades as FRE on the New York Stock Exchange.

Goldman, Sachs & Co. was the lead underwriter for the offering, while J.P. Morgan Securities, Merrill Lynch & Co. and Sanford & Bernstein served as co-managers. Arthur Andersen was the auditor.

America Online
Vienna
Capital Raised: $549.5 million

Industry: Leading provider of on-line services to consumers.

Price performance: Sold 5.4 million shares at $102 each in a June 29 secondary offering. In mid-January, the stock was up 46 percent to $149. It is listed as AOL on the New York Stock Exchange.

Players: The lead underwriters were Morgan Stanley Dean Witter and Lehman Brothers. The company used Mintz, Levin, Cohn, Ferris Glovsky & Popeo as its legal counsel and Ernst & Young as the offering's auditor.

Capital Automotive
Arlington
Capital Raised: $300 million

Industry: Real estate investment trust formed to acquire land and improvements used by auto businesses.

Price performance: Sold 23 million shares at $15 each in a Feb. 12 initial public offering. The stock rose as much as 32 percent before falling back to its offering price in mid-January. It is listed as CARS on Nasdaq.

Players: The lead underwriter was Friedman, Billings, Ramsey & Co. The company used Wilmer, Cutler & Pickering as its legal counsel, Edelman Financial Worldwide as its investor relations counsel and Arthur Andersen as the offering's auditor.

Dominion Resources
Richmond
Capital Raised: $264.1 million

Industry: Holding company for Virginia Power, East Midlands Electricity and Dominion Energy.

Price performance: Sold 6.4 million shares at $40.63 in a Jan. 14, 1998, secondary offering. In mid-January, the stock was at $45.06, up 11 percent. It trades as D on the New York Stock Exchange.

Players: The lead underwriter was Morgan Stanley Dean Witter. Co-managers were J.P. Morgan Securities, Lehman Brothers and Merrill Lynch & Co. The company used McGuire, Woods, Battle & Boothe as its legal counsel and Deloitte & Touche as auditor.

Global TeleSystems Group
McLean
Capital Raised: $235.6 million

Industry: Offers telecommunications services in Central Europe, Asia, Russia and the Commonwealth of Independent States. By the end of 1999, the company expects to be serving 50 European cities.

Price performance: Sold 12.8 million shares at $20 each in a Feb. 4 initial public offering. The stock traded at $60.88 in mid-January as GTSG on Nasdaq.

Players: The lead underwriters for the IPO were Merrill Lynch & Co and UBS Securities. GTS used Shearman & Sterling as its legal counsel, and Ernst & Young was the auditor.

AES
Arlington
Capital Raised: $189.7 million

Industry: Power company that owns or has an interest in 90 facilities around the globe. The company also distributes electricity to nearly 13 million customers.

Price performance: Sold 4.3 million shares at $44.63 in an Aug. 4 secondary offering. The stock traded 13 percent lower at $38.81 in mid-January. It is listed as AES on the New York Stock Exchange.

Players: The lead underwriters were J.P. Morgan Securities and Salomon Smith Barney. Co-managers were C.E. Unterberg; Donaldson, Lufkin & Jenrette; Morgan Stanley Dean Witter; PaineWebber; and Towbin Co. The company used Davis, Polk & Wardwell as its legal counsel, and Deloitte & Touche was the offering's auditor.

Orbital Sciences
Dulles
Capital Raised: $150 million

Industry: Manufacturer of low-cost space systems and products.

Price performance: Sold 3.4 million shares at $45.81 in an April 14 secondary offering. The stock traded 3.3 percent lower at $44.31 in mid-January. It is listed as ORB on the New York Stock Exchange.

Players: The lead underwriter was Merrill Lynch & Co. Co-managers were J.P. Morgan Securities and Morgan Stanley Dean Witter.

Global TeleSystems Group
McLean
Capital Raised: $119.9 million

Industry: Telecommunications.

Price performance: Sold 2.8 million shares at $45.50 in a July 1 secondary offering to help implement the company's European services strategy and further develop its businesses in Central Europe and Russia.

Players: Merrill Lynch & Co. was the lead underwriter of the secondary offering. The co-managers were Arnhold and S. Bleichroeder; Bear, Stearns; BT Alex. Brown; Doft & Co.; Donaldson, Lufkin & Jenrette; Lehman Brothers; Oscar Gruss & Son; and Prudential Securities. GTS used Shearman & Sterling as its legal counsel, and Ernst & Young was the auditor.

LandAmerica Financial Group
Richmond
Capital Raised: $65.9 million

Industry: Provider of title insurance and related products and services.

Price performance: Sold 1.8 million shares at $40.13 in a Feb. 24 secondary offering under the company's former name of Lawyers Title Corp. In mid-January, the stock traded at $52.75 as LFG on the New York Stock Exchange.

Players: The lead underwriter was Donaldson, Lufkin & Jenrette. Co-managers were Ferris, Baker, Watts; ING Baring Furman Selz; and Wheat First Union. The company used Williams, Mullen, Christian & Dobbins as its legal counsel, and Deloitte & Touche was the offering's auditor.

Maximus
McLean
Capital Raised: $61.5 million

Industry: Provider of program management and consulting services to state and local government agencies.

Price performance: Sold 4.2 million shares at $32.75 in a Dec. 10 secondary offering. As of mid-January, the stock was up 14 percent to $37.38. The stock trades as MMS on the New York Stock Exchange.

Players: The lead underwriter was Donaldson, Lufkin & Jenrette. Co-managers were Lehman Brothers and Legg Mason Wood Walker. The company used Palmer & Dodge as its legal counsel, and Ernst & Young was the offering's auditor.

This report was compiled by Charles Gerena, using information provided by IPO Data Systems Inc. and Scott & Stringfellow. Amounts raised exclude selling shareholders.