7:11am 04/23/03 [LU] LUCENT'S Q2 LOSS NARROWER THAN CONSENSUS 10 CENTS
7:11am 04/23/03 [LU] LUCENT TECHNOLOGIES Q2 REVENUE $2.4 BLN VS $3.52 BLN
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Lucent convertible bond issue raises 1.525 bln usd vs expected 1.3
MURRAY HILL, NJ (AFX) - Lucent Technologies said yesterday that its convertible senior debt offering raised 1.525 bln usd, compared with its expectation that it would raise around 1.3 bln usd.
The net proceeds will be used for repayment or possible repurchase of certain short and medium-term obligations over time, and for general corporate purposes.
The issue was priced at 1,000 usd per security and there are two series of debt.
The first series matures in 2023 and has an interest rate of 2.75 pct. It is convertible into common stock at 3.34 usd per share -- a 48 pct premium over yesterday's closing price. Investors will have the option to redeem the securities in 2010, 2015 and 2020.
The second series matures in 2025. This, too, has an interest rate of 2.75 pct and is convertible into common stock at 3.12 usd per share, which is a 38 pct premium over last night's closing price. Investors will have the option to redeem the securities in 2013 and 2019.
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