Nextel buys back further $102 million convertibles

New York, Feb. 20 - Nextel Communications, Inc. said it retired $102 million of its 5.25%

convertible senior notes due 2010 as part of its fourth-quarter debt buybacks.

Following the transactions, the Reston, Va. cellular phone company said it had $622 million of the convertibles outstanding, down from $724 million at Sept. 30, 2002.

Nextel did not retire any of its other series of convertibles.

The buybacks were part of $588 million principal amount of debt and preferred stock repurchased by Nextel during the quarter for approximately 28 million shares of class A common stock and $154 million of cash, the company said.

Corning buys back further $165 million convertibles

New York, Feb. 20 - Corning Inc. said it has spent $165 million on repurchasing its zero-coupon convertible debentures from Jan. 1 through Feb. 14.

The transactions will result in a pre-tax gain of $34 million in the first quarter of 2003, the Corning, N.Y. maker of optical fiber, glass and other products said in a filing with the Securities and Exchange Commission.

At its last report, a press release on Jan. 23, Corning said it had spent $158 million on repurchases of the convertibles since Jan. 1.

The buybacks follows $493 million of repurchases of the convertibles in 2002 for $308 million in cash.

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