Orckit tenders for $5 million 5¾% convertibles

New York, Dec. 4 - Orckit Communications Ltd. said Tuesday it has begun a modified dutch auction tender offer for up to $5.0 million principal amount of its 5¾% convertible subordinated notes due April 1, 2005.

The Tel Aviv, Israel telecom equipment company will accept offers to sell the convertibles at between $500 and $650 per $1,000 principal amount. It will pay the single price necessary for it to acquire the target amount.

The tender expires at midnight ET on Dec. 31 unless extended.

There is no minimum for the tender to be completed.

Bondholder Communications Group (212 809-2663) and Goldhar Securities Ltd. (+972 3 625 4665) are the information agents for the offer.

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