International Ltd., have until close of business today to guarantee their share orders will be filled.

The company's $30.9 million initial public offering (IPO) closes August 31 for all potential investors but TeleBermuda has guaranteed it will fill Bermuda investors' orders received before 5 p.m. today.

The company plans to spend $51 million -- $45 million for a 1,311 kilometre fibre optic cable scheduled to be completed in October 1997 -- to operate as an international telecommunications carrier in Bermuda competing with Cable & Wireless.

TeleBermuda chief operating officer Scott Socol said yesterday it was too early to tell just how popular the offering has been with Bermudians but there has been definite investment enthusiasm.

A spokesperson for First Bermuda Securities Ltd., an agent of the IPO, said: "We've had really strong interest.'' Over 11,000 prospectuses have been distributed in Bermuda.

It will likely be Monday before local interest can be tallied.

The remaining shares will be offered in the US and Canada.

Toronto-based CIBC Wood Gundy Securities Inc., whose controlling shareholder is The Canadian Imperial Bank of Commerce, is co-agent of the offering.

FBS described the order book from the US and Canada as "strong''.

As well as the IPO, TeleBermuda plans to set up a $30 million debt financing agreement to be completed March 1, 1997.

The company anticipates spending $51 million on plant and equipment over the first five years -- $44.9 million of that will build an undersea fibre optic telecommunications cable from Tuckerton, New Jersey to St. David's, Bermuda.

TeleBermuda has obtained a telecommunications licence under existing legislation. It was hoped that the licence would come under changes to the Act. The legislation failed to be passed in the House earlier but is on the agenda when the House reconvenes in November.

Mr. Socol, who has been with the US Federal Communications Commission (FCC), as well as Satellite Business Systems, a telecommunications company that was the US's fourth largest telephone service provider until bought by MCI in 1986, was very optimistic that the Bermuda legislation will pass.

He is also very bullish that the company will be providing service in some form, possibly to high volume business, this November.

TeleBermuda has approached C&W about the possibility of using C&W equipment until they have their infrastructure in place, he said.

From a competitive point of view C&W is not surprisingly resisting providing that capacity, Mr. Socol said.

Mr. Socol also said TeleBermuda's affiliate, TeleBermuda International LLC anticipates receiving FCC landing rights for BUS-1 by the end of September.

Also on the US regulatory front, the FCC recently gave Optel Communications Inc. approval to expand the CANUS-1 submarine cable network between the US and Canada to include Bermuda. Optel owns the US end of the cable while Teleglobe Canada owns the Canadian end. Optel is 80 percent owned by US citizens and 20 percent owned by Teleglobe. Cable & Wireless will own and build the Bermuda branch.

But C&W in Bermuda has yet to get Government permission for the capital expenditure to build the Bermuda spur off CANUS-1. It has been over a two year wait.

Scott Socol