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Technology Stocks : NEXTEL -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (9179)	6/8/1999 4:14:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 10227

Nextel Communications to Sell $500 Mln in Convertible Debt Bloomberg News June 8, 1999, 2:06 p.m. ET Nextel Communications to Sell $500 Mln in Convertible Debt Reston, Virginia, June 8 (Bloomberg) -- Nextel Communications Inc., which provides wireless phone services nationwide, said it plans to sell $500 million of convertible debt in a private placement. Pricing and other financial details weren't available. The Wall Street Journal earlier reported the sale. The debt sales comes five weeks after MCI WorldCom Inc., the No. 2 U.S. long-distance phone company, ended talks to buy Nextel. Money-losing Nextel needs cash to develop new services and pay for expansion of its network in the U.S. and overseas. Last month, Microsoft Corp., the world's biggest software maker, invested $600 million in Reston, Virginia-based Nextel, gaining access to wireless Internet users. Separately, Nextel announced its new Internet-ready phone is available, a month ahead of schedule. The i1000plus phone, which is made by Motorola Inc., has a World Wide Web browser that allows users to access the Internet and upgraded voice features. It will sell for $299, Nextel said. Nextel's customers, who are companies such as construction firms, will gain access to the Internet through their phones. Nextel has said it will use the Microsoft investment to develop advanced digital services, expand its national network and fund expansion and development in other countries. In the first quarter, Nextel's loss, including the payment of preferred dividends, widened to $485.5 million, or $1.66 a share. Sales more than doubled to $663.8 million from $327.1 million.