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Lucent Raises $1.5B

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5/30/2003

MURRAY HILL, N.J. -- Lucent Technologies (NYSE: LU) today announced that it has raised $1.525 billion through a public offering of convertible senior debt, which was priced at $1,000 per security. The company expects to apply the net proceeds toward the repayment or possible repurchase of certain short- and medium-term obligations over time, as well as for general corporate purposes.

The offering, which was made off of the company’s existing universal shelf registration statement, consists of two series of debt.

The first series has a maturity date of 2023. These securities have an interest rate of 2.75 percent and are convertible into Lucent common stock at a conversion price of $3.34 per share, which represents a 48 percent conversion premium over today's closing price. Investors will have the option to redeem the securities in 2010, 2015 and 2020.

The second series has a maturity date of 2025. These securities have an interest rate of 2.75 percent and are convertible into Lucent common stock at a conversion price of $3.12 per share, which represents a 38 percent conversion premium over today's closing price. Investors will have the option to redeem these securities in 2013 and 2019.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus related to this offering may be obtained from Citigroup Global Markets, Equity Syndicate Desk, 388 Greenwich Street, New York, N.Y., or J.P. Morgan Securities, 277 Park Avenue, New York, N.Y.

Lucent Technologies Inc.

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