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Motorola to reduce its debt

Motorola announced Monday it plans to raise a total of $1.275 billion through two offerings to help reduce its debt and for regular corporate purposes. The wireless technology giant will raise $400 million through a private offering of bonds that will expire in 2011. Motorola also said it commenced a public offering of $875 million of "equity security units" consisting of senior notes and contracts to purchase Motorola stock. Goldman Sachs and J.P. Morgan are serving as underwriters of the equity deal. A slowdown in telecommunications equipment spending has crimped many companies including Motorola, which reported revenue of $37.6 billion in 2000 compared with the $30.48 billion analysts surveyed by First Call expect the company to make this year.

Motorola announced Monday it plans to raise a total of $1.275 billion through two offerings to help reduce its debt and for regular corporate purposes.

The wireless technology giant will raise $400 million through a private offering of bonds that will expire in 2011. Motorola also said it commenced a public offering of $875 million of "equity security units" consisting of senior notes and contracts to purchase Motorola stock. Goldman Sachs and J.P. Morgan are serving as underwriters of the equity deal. A slowdown in telecommunications equipment spending has crimped many companies including Motorola, which reported revenue of $37.6 billion in 2000 compared with the $30.48 billion analysts surveyed by First Call expect the company to make this year.