Lucent Raises US$1.885 Billion

The debt laden Lucent technologies has managed to raise US$1.885 billion from a sale of convertible preferred stock to private investors. Beginning in August 2006, the company has certain rights to redeem the shares, and beginning August 2004 the holders have certain rights to require the company to redeem the shares. The shares have a mandatory redemption by the company in 30 years. The company had intended to sell US$1.75 billion worth of shares, but high demand enabled them to raise the sum raised by a further US$135 million."

Posted to the site on 3rd August 2001