Alcatel Lucent SA had sought to raise about USD2.7 billion through the issuance of debt and shares. The move was to take advantage of the company's stock value that has tripled since the company's new CEO Michael Combes took over the overhaul of the network equipment manufacturer's finances.

The plan hatched included the sale of EUR955 million or USD1.3 billion in new shares of stock valued at EUR2.10 per share. The price value is less than 29% the price at the close of markets last November 1. Alcatel-Lucent is also selling USD750 million worth of high-yield bonds after receiving a EUR500 million revolving credit facility. This was confirmed by the Paris-based technology firm through a statement issued today.

During a conference call, Alcatel-Lucent CEO Michael Combes said, "In the past few months, we have gotten renewed confidence from customers and the market. Executing on the financial part of our plan will allow us to refocus our energy on asset disposals."