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Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
Nortel plans redemption of some 4.25% convertibles
By Jennifer Chiou
New York, March 22 - Nortel Networks Corp. announced that it intends to redeem some of its $1.8 billion 4.25% convertible notes due 2008 using proceeds from a proposed notes offering.
The Brampton, Ont.-based manufacturer and supplier of telecommunications networking equipment said it will offer $1 billion of senior unsecured convertible notes in two series, one maturing in 2012 and the other in 2014.
The issue will have a $150 million over-allotment option.
Nortel said it expects net proceeds of about $980 million - before the greenshoe - which will be used to redeem the 4.25% notes at par on Sept. 1.
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