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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (7648)	5/26/1999 9:12:00 PM
From: Paullie	Read Replies (1) \| Respond to of 57584

T? Rande, Can you or someone explain this article and what it means for t? I do not understand?? paullie << Wednesday May 26, 8:14 pm Eastern Time Comcast to redeem debentures PHILADELPHIA, May 26 (Reuters) - Comcast Corp. said Wednesday it will buy back all $718.3 million principal amount of its outstanding 3.35 percent exchangeable subordinated debentures due 2029, commonly referred to as PHONES. Comcast set July 9 as the date of redemption. The redemption price will be based upon the average closing price of AT&T Corp. (NYSE:T - news) common shares, which are underlying the debt, for the twenty trading days from June 3 to June 30. Were the redemption based upon the May 24 closing price of 58-3/16 for AT&T shares, Comcast said, the redemption price would be $91.22979 per PHONES, Comcast said. Comcast said it is redeeming the PHONES so that it may use the AT&T shares underlying them as consideration for the previously announced purchase of cable systems from AT&T. The timing of the redemption will allow the Company to match the price paid to redeem the PHONES to the price for the AT&T stock which it intends to use in the cable system exchange with AT&T. >>