Nortel Gets US$1.3 Billion Financing Commitment

Nortel Networks entered into binding commitments for a new one year credit facility in the aggregate principal amount of US$1.3 billion arranged by J.P. Morgan Securities Inc. and Citigroup Corporate and Investment Banking, or their affiliates. The new facility will be used to refinance the outstanding US$1.275 billion aggregate principal amount of 6.125% Notes due February 15, 2006.

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