Marty, Alex said they are following all the telco developments closely. Maybe Bell Atlantic doesn't care if ADSL doesn't take off.. I didn't know this.......
NEW YORK, Aug. 3 (Reuters) - Bell Atlantic Corp. (BEL - news) said on Monday it would issue in excess of $3 billion in notes exchangeable into ordinary shares of Cable & Wireless Communications Plc (quote from Yahoo! UK & Ireland: CWZ.L; corrects symbol).
Bell Atlantic currently owns 18.5 percent of Cable & Wireless Communications (clarifies company name), or about 278 million shares.
A Bell Atlantic spokesman declined to comment on how much the company would potentially reduce its debt burden or what projects it would fund with the money Trying to keep pace with TCI-AT&T?.
According to a statement, the regional telecommunications giant will use the money generated by the issuance to reduce its corporate debt and to fund ongoing business opportunities.
If investors elect to exchange the notes, Bell Atlantic will have the option to either settle in cash or exchange shares.
The notes will have a medium-term maturity, with the exchange price established at a premium to the Cable & Wireless share price at the time of the offering.
''This issue will help realize some of the substantial value that has been created by our investment in local communications facilities in the United Kingdom, starting with NYNEX CableComms in 1990 and now with Cable & Wireless,'' said Frederic Salerno, Bell Atlantic's senior executive vice president and chief financial officer, in a statement
Bell Atlantic said it would coordinate its activities with Cable & Wireless' management, noting that the timing of the issue would depend on market conditions.
The securities will not be registered under the Securities Act of 1933 and, subsequently, will not be offered in the United States without registration or an applicable exemption from registration requirements.
Also, SEAC sells a system in the Philippine's.......
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