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Technology Stocks : Nortel Networks (NT)

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From: waitwatchwander	3/28/2007 3:42:12 PM
	of 14638

Nortel Completes $1.15B Notes Offer Associated Press 03.28.07, 3:02 PM ET [Another line in the sand with a dilution factor of another 36.8m shares offsetting whatever support comes out of recently granted employee options (low $30Cdn) or is all this new financing in US$ in which case conversion becomes profitable at $36.33Cdn (~high of the recent run).] Toronto-based Nortel Networks Corp., which makes networking equipment, said Wednesday it completed an already announced offer of $1.15 billion in senior unsecured convertible notes. The company said it expects to net $1.13 billion from the sale of the notes, which it will use to redeem a corresponding portion of its $1.8 billion in convertible notes with 4.25 percent interest due 2008. The notes included in the offer are $575 million in senior convertible notes with 1.75 percent interest due 2012 and $575 million in senior convertible notes with 2.125 percent interest due 2014. The notes can be converted to Nortel shares at a conversion rate of 31.25 shares per $1,000 principal amount of notes, though sometimes subject to adjustment. Nortel shares lost 29 cents to $24.43 in afternoon trading on the New York Stock Exchange. forbes.com

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