Alcatel shares jump after it unveils new credit line

Shares in the telecommunications equipment group Alcatel-Lucent leapt by 11.72 percent to 0.96 euros in early Paris trading on Friday after it announced an agreement on a major line of credit to stabilise its operations.

Alcatel-Lucent said it had obtained 1.6 billion euros ($2.1 billion) in credit from Credit Suisse and Goldman Sachs for a period of up to six years.

The company plans to use the credit to stretch the maturity of its existing debt over several years, chief executive Ben Verwaayen said in a statement.

Alcatel will now have more room to implement a cost-cutting plan worth 1.25 billion euros.

sde/wai/yad

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