STOCKHOLM, Sweden-LM Ericsson said investors subscribed to more than 99.5 percent of the 8 billion shares under its new rights offering, and 35 percent of those shares have been applied to on a non-preferential basis, meaning the rights offering is oversubscribed.
The shares were offered at 41 U.S. cents each. The rights offering is expected to raise US$3.2 billion, which Ericsson will use to pay off debt and finance restructuring.
