PARIS Aug 20 Telecoms network equipment maker
Alcatel-Lucent said on Wednesday it had made an early
repayment of a $1.75 billion loan that was secured with the
The early repayment of the senior secured loan is a part of
a turnaround plan, dubbed Shift, which targets positive free
cash flow by the end of 2015.
"Through the measures we have taken to strengthen our
balance sheet, we have also been able to regain control of our
own destiny, in particular, the release of intellectual
property," Michel Combes, Chief Executive of Alcatel-Lucent said
in a statement.
Alcatel repaid on Tuesday the outstanding amount of $1.724
billion with proceeds from bonds convertible for new or existing
shares, maturing in 2019 and 2020, and available cash. The loan
was secured by patents and other intellectual property rights.
These pledges are now cancelled and released.
(Reporting by Maya Nikolaeva; editing by David Clarke)