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Alcatel-Lucent seeks USD1.29 billion in capital increase
Alcatel-Lucent announced had planned a EUR955 million capital increase in a final attempt to save the telecom company. The Franco-American group will also launch a high-yield bond amounting to USD750 million. The fundraisings had been implemented alongside a EUR500 million new syndicated revolving credit facility. These latest moves came after a series of turnaround plans had been executed by Chief Executive Michel Combs. In June, the company cut 10,000 jobs to save EUR1 billion in costs.
The phone make had plans to offer the capital increase to current shareholders. Each shareholder would have the option to acquire one share for every share they presently own as of November 18. The subscription for the new shares was priced at EUR2.10 apiece. The company would issue 454,722,512 to 460,000,000 new shares. The gross proceeds are expected to have a total of EUR955 million.
In a statement, Alcatel-Lucent that the capital increase aimed to strengthen the equity of the company.
The company added that shareholders in the United States are not eligible for the new shares.