Lucent redeems $68 million 8% convertible preferreds

New York, Aug. 13 - Lucent Technologies Inc. said it has redeemed $68 million of its 8% redeemable convertible preferred stock for cash since June 30.

The Murray Hill, N.J. communications equipment company also redeemed $167 million carrying value of other debt obligations.

In total, Lucent paid $222 million in cash to redeem the debt, according to a filing with the Securities and Exchange Commission.

For the nine months ended June 30, Lucent said it retired $1.365 billion of its convertibles, made up of $767 million of the 8% convertible preferreds and $598 million of its 7.75% convertible trust preferreds.

Through June 30, it also retired $87 million of debt obligations, up from $52 million in the previous 10-Q.

To retire the convertibles and other debt it issued 563 million shares.

Those figures are up from $1.335 billion total reported in the company's previous 10-Q filing, consisting of $737 million of the 8% convertible preferreds and $598 million of the 7.75% convertible trust preferreds.

With $175 million of the 8% convertible preferreds retired in the year ended Sept. 30, 2002 in exchange for 58 million shares, Lucent reduced its convertibles by $1.54 billion as of June 30.

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