Marconi repurchases 10% notes

New York, Feb. 17 - Marconi Corp. plc bought back $36.2 million principal amount of its 10% guaranteed junior secured notes due 2008 in an open market transaction for $39.8 million in cash plus accrued interest and fees.

The repurchased notes will be canceled within 90 days and may not be re-issued or resold to a third party.

Marconi, a London-based international communications equipment maker, originally issued $487 million of the 10% notes upon completing its reorganization in May 2003.

Including the latest repurchase, Marconi has bought back $332.0 million principal amount of junior notes, reducing the principal amount outstanding and not owned by Marconi to $154.9 million.

In addition, the previously announced sixth partial redemption scheduled for Feb. 24 is expected to further reduce the principal amount of junior notes outstanding and not owned by Marconi to $127.4 million.

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