Israel’s Orckit Communications has completed its tender offer for a portion of its 5.75 percent Convertible Subordinated Notes due April 1, 2005. Some $95,000 principal amount of notes were validly tendered and not withdrawn in the Offer.
Orckit will purchase all tendered Notes at a purchase price of $650 per $1,000 principal amount of notes. Orckit will pay the aggregate purchase price including accrued interest, through December 30, 2002 of approximately $63.191 to the depositary for those Notes accepted for payment.
Orckit Communications is a provider of advanced telecom equipment targeting high capacity broadband services. Orckit is a majority shareholder of Corrigent Systems and Spediant Systems.
Corrigent is developing metro transport telecom products designed to support SONET and Ethernet services utilizing Resilient Packet Ring (RPR) technology. Spediant is developing innovative access solutions that enable telecom carriers to deploy fiber-speed broadband services over copper wires. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
