Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

International Telephone and Telegraph Corporation Deal - Lehman Brothers Collection

International Telephone and Telegraph Corporation

Company Deal$28,692,000 4 7/8% convertible subordinated debentures due May 15, 1983
Transaction TypeConvertible Subordinated Debentures
Deal DescriptionInternational 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.
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