International Telephone and Telegraph Corporation
| Company Deal | $28,692,000 4 7/8% convertible subordinated debentures due May 15, 1983 |
|---|---|
| Transaction Type | Convertible Subordinated Debentures |
| Deal Description | International Telephone and Telegraph Corporation added the net proceeds from this transaction to its general funds. While no specific allocation of the proceeds was made at the time of the deal, they were used to replenish cash and increase working capital and were available for capital expenditures, investments in subsidiaries and other corporate purposes. Cash had been reduced in the years prior to the deal by substantial expenditures to expand the manufacturing activities of ITT in the United States and to increase investment in ITT's foreign manufacturing and telephone-operating subsidiaries in situations where local financing for the expansion of their businesses was unavailable or was deemed inadvisable. |