TORONTO -- Nortel Networks Corporation (NYSE:NT) (TSX:NT.) today commenced two concurrent public offerings consisting of equity units and 150 million common shares. The net proceeds of the offerings to Nortel Networks are expected to be approximately US$800 million (before taking into account the underwriters' over-allotment options), and will be used by Nortel Networks for general corporate purposes, or otherwise advanced to or invested in its subsidiaries to be used for general corporate purposes. The closings of the two offerings will be set after pricing and are not conditioned on each other. In the United States and Canada, the securities will be offered pursuant to preliminary prospectus supplements and accompanying prospectuses related to shelf registration filings made with the United States Securities and Exchange Commission and the Canadian securities authorities. Credit Suisse First Boston, JP Morgan and Salomon Smith Barney are joint book-running managers of the equity unit offering. Credit Suisse First Boston and RBC Capital Markets are joint book-running managers of the common share offering. Nortel Networks Corp.