Motorola seeks to reduce debt by $1.7 billion
Motorola recently said it would redeem $1.4 billion of outstanding 6.75% notes due in 2006. The redemption price will be determined at 5:00 p.m. EDT on August 23; the notes will be redeemed in full on August 26, the company said. Previously, Motorola offered to buy back $300 million of outstanding 7.60% notes due in 2007. The cash tender offer on those notes expires at 5:00 p.m. EDT tomorrow, August 5.