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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 12.88

+0.3%

Dec 22 3:59 PM EST

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To: MrGreenJeans who wrote (3118)	3/29/2001 6:01:45 PM
From: MrGreenJeans	Read Replies (1) of 3175

Vodafone says debt falls to 7 bln stg (UPDATE: Adds details throughout) LONDON, March 29 (Reuters) - Vodafone Group Plc said its borrowings had fallen to around seven billion pounds ($10.07 billion) following the sale of Italian operator Infostrada on Thursday, confirming its position as one of the least indebted major telecoms companies. The world's largest wireless company, which borrowed heavily to buy Germany's Mannesmann AG and third-generation licences, has slashed its debt from 13.2 billion pounds at the end of its half year in October. The sale of Mannesmann's non-wireless subsidiaries has helped it easily meet its debt target of 10 billion pounds or less by the end of the financial year this month. ``Vodafone's net debt at 31 March, 2001 is likely to be in the region of seven billion pounds,'' it said in a statement announcing the completion of the sale of Infostrada to Enel . The debt figure was in line with analysts' forecasts and had no impact on Vodafone shares, which were down 4.4 percent at 195.25 pence. Its borrowings compare with debts of 60 billion euros ($53.10 billion) at Deutsche Telekom AG and 30 billion pounds at British Telecommunications Plc (quote from Yahoo! UK & Ireland: BT.L). Enel paid 8.55 billion euros for Infostrada, including the assumption of 1.3 billion of debt.

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