DATELINE-Lucent Technologies got a shot in the arm last week with $6.5 billion in credit facilities.
The company said it obtained $4.5 billion of 364-day credit facilities arranged by J.P. Morgan and Salomon Smith Barney.
A portion of the loan, said Lucent, expired Feb.22 while Agere Systems, its subsidiary, will assume the remaining $2.5 at its initial public offering.
Lucent also amended an existing $2 billion loan due in 2003 in addition to the $4.5 billion, to total $6.5 billion.
“A critical element of our seven-point restructuring plan is now in place with these agreements,” said Lucent’s chief financial officer Deborah Hopkins.
