Lucent exchanges $52 million debt for stock

New York, Feb. 11 - Lucent Technologies, Inc. said it exchanged debt with a carrying value of $52 million for 24,021,312 shares in the Dec. 31 to Feb. 11 period.

It did not disclose which debt instruments were bought back.

The exchange was revealed in a filing with the Securities and Exchange Commission that also said that Lucent had swapped a further $364 million of convertibles for stock since its last report of buybacks.

The Murray Hill, N.J. communications equipment company said that since Dec. 31 through Feb. 11 it has bought back a total of 676.6 million of its convertibles, made up of $296.7 million (296,675 shares) of its 8% redeemable convertible preferred stock and $380 million (380,000 shares) of its 7.75% trust preferred securities. The figures were disclosed in a filing to the Securities and Exchange Commission.

Those are increases of $153.7 million and $210 million respectively compared to the purchases of $143 million of the 8% convertible preferred stock and $170 million of the 7.75% trust preferred stock since Dec. 31 disclosed in its conference call on Jan. 22.

In total Lucent issued 261,068,241 shares for the convertibles. Compared to the terms of the convertibles, the fair value of the shares issued is $139 million higher for the 8% convertibles and $98 million higher for the 7.75% trust preferreds.

In total since the exchanges began in the fiscal fourth quarter of 2002, Lucent has now exchanged $864 million of the 8% convertibles and $598 million of the 7.75% trust preferreds for stock.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.