Lucent raises extra cash

NEWS Lucent has had to rethink its plans to raise $1bn for a convertible securities offering, because there were too many buyers. Lucent has upped the value of a deal to offer convertible bonds from £1bn to £1.75bn, taking much of the pressure off the troubled telecoms equipment maker's short-term finances. However, the company is still not out of the woods, having lost a staggering $3.25bn in the second quarter of last year, and has announced plans to cut 20,000 jobs.