Zeev's Turnips Patch-No Politics (ZEEV)

[extelecom]

Zeev, I have never seen you comment on LU, did you see this:
New Issue-Lucent sells $1.53 bln in convertible bonds
Friday May 30, 9:04 am ET


WHITE PLAINS, N.Y., May 30 (Reuters) - Lucent Technologies
Inc. (NYSE:LU - News), the largest U.S. telecommunications equipment
maker, late Thursday sold $1.53 billion in two-part convertible
senior bonds, joint lead manager Citigroup said on Friday.
It said 20-year bonds were sold with a coupon of 2.75
percent and at a premium of 48 percent above Thursday's $2.26
closing price of the company's shares on the New York Stock
Exchange (News - Websites).
It said 22-year bonds were sold with a coupon of 2.75
percent and at a premium of 38 percent above the closing stock
price.
Both tranches carried a contingent conversion trigger of
120 percent.
J.P. Morgan was the joint book-running manager and HSBC
Securities was a joint lead manager for the sale.
BORROWER: LUCENT TECHNOLOGIES INC.
FIRST TRANCHE:
AMT $750 MLN* COUPON 2.75 PCT MATURITY 6/15/2023
CONV PRICE 3.34 CONV RATIO 299.4012 ACCR INT 6/4/2003
TYPE CONV SR BONDS ISS PRICE 100 FIRST PAY 12/15/2003
LAST MOODY'S Caa1 YIELD N/A PAY FREQ SEMI-ANNUAL
LAST S&P B-MINUS CNV PREM 48 PCT NON-CALLABLE 5
YEARS**
*$112.5 MLN GREENSHOE OVERALLOTMENT OPTION (15 PCT)
**PUTS AFTER 7, 12 AND 17 YEARS
SECOND TRANCHE:
AMT $775 MLN* COUPON 2.75 PCT MATURITY 6/15/2025
CONV PRICE 3.12 CONV RATIO 320.5128 ACCR INT 6/4/2003
TYPE CONV SR BONDS ISS PRICE 100 FIRST PAY 12/15/2003
LAST MOODY'S Caa1 YIELD N/A PAY FREQ SEMI-ANNUAL
LAST S&P B-MINUS CNV PREM 38 PCT NON-CALLABLE 6
YEARS**
*$116.25 MLN GREENSHOE OVERALLOTMENT OPTION (15 PCT)
**PUTS AFTER 10 AND 16 YEARS

Any Comment?