Nortel signs up for USD750 million credit line

17 Feb 2003

Canadian equipment vendor Nortel Networks has announced an agreement with financier Export Development Canada (EDC) for a USD750 million support facility. Nortel also announced details of a previously planned share consolidation and will ask shareholders to vote on whether to give the company’s board discretion to consolidate shares if it is deemed in its best interest. Last month Nortel reported its twelfth consecutive quarterly loss, but promised to return to profit by June 2003 after narrowing its net loss and posting a rise in revenues for the first time in two years.