Nortel Completes US$1.8B Offering

On August 15, 2001, Nortel Networks Corporation completed an offering of US$1.8 billion of 4.25 per cent convertible senior notes due 2008. The notes were sold in the United States to a group of investment dealers led by Credit Suisse First Boston Corporation and JP Morgan for resale under Rule 144A under the US Securities Act of 1933. The notes were sold in Canada under applicable private placement exemptions.

Nortel was represented by its in-house counsel, Blair Morrison and Karen McCarthy, and in Canada by a team from Ogilvy Renault of Michael Lang, Terry Dobbin, Victor Peter and Paul Fitzgerald in Toronto and Christine Dubé in Montreal, and in the US by a team from Cleary, Gottlieb, Steen & Hamilton of Craig Brod, Trecia Canty and Raymond Ko. Canadian tax advice was provided by Scott Wilkie and Patrick Marley of Osler, Hoskin & Harcourt LLP. The dealers were represented in Canada by a team from Blake, Cassels & Graydon LLP of Gordon Currie, Frank Arnone and Anoop Dogra (corporate/securities), Ric McIvor (debt capital markets) and Jeffrey Trossman and Peter Lee (tax), and in the US by a team from Skadden, Arps, Slate, Meagher & Flom LLP of David Goldschmidt, John Carey and Andrew Fowler.