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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62038)	3/14/2002 12:23:31 AM
From: StanX Long	Read Replies (2) \| Respond to of 70976

Lucent Sells $1.75 Bln of Convertibles, 17% More Than Planned By Emma Moody 03/13 19:23 quote.bloomberg.com Murray Hill, New Jersey, March 13 (Bloomberg) -- Lucent Technologies Inc., the biggest U.S. maker of telephone equipment, sold $1.75 billion of convertible preferred shares, increasing the offering by 17 percent to meet demand from investors. The former unit of AT&T Corp. had planned to sell $1.5 billion of convertible trust preferred shares. The sale was brought forward after first being scheduled for tomorrow. ``Lucent can use any penny that they can get,'' said Tom Dinsmore, who manages about $200 million of convertible bonds at Davis-Dinsmore Management Co. Murray Hill, New Jersey-based Lucent is selling securities now to raise cash it may need in case phone companies continue to cancel or postpone orders for gear and software. The company yesterday lowered its sales forecast for the second quarter and said its return to profitability will be delayed as customers curb spending.