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Lucent convertible buybacks now top $1 billion
New York, Jan. 22 - Lucent Technologies Inc. said it has now bought back more than $1 billion of its convertible securities since it began repurchases in the fourth quarter of fiscal 2002.
Since Dec. 31, the Murray Hill, N.J. communications equipment company has bought back $143 million of its 8% convertible preferred stock and $170 million of its 7.75% trust preferred stock, paying for the securities with 116 million shares of common stock.
Those buybacks followed repurchases of $392 million of the 8% convertible preferred stock and $218 million of the 7.75% trust preferred stock during the first quarter of fiscal 2003. Lucent paid 214 million shares of common stock for those convertibles.
As previously reported, Lucent bought back $175 million of its 8% convertible preferred stock during the fourth quarter of fiscal 2002.
In total Lucent has now bought back $710 million of the 8% convertible preferreds and $388 million of the 7.75% trust preferreds or a total of $1.098 billion. The amount paid for the securities is 388 million shares.
Lucent also said it will pay the semiannual dividend on its 8% convertible preferred stock in stock. This stock will then be sold so that preferred shareowners will receive cash.
Electro Scientific authorized to buy back convertibles
New York, Jan. 22 - Electro Scientific Industries, Inc. said its board of directors authorized the repurchase of up to $50 million principal amount of its 4¼% convertible subordinated promissory notes due 2006.
The repurchases can be made during 2003, according to a filing with the Securities and Exchange Commission.
The Portland, Ore. company originally sold $125 million of the convertibles on Dec. 18.
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