British Telecommunications Plc says it issued its $1bn Eurobond because of its need for funds ahead of the acquisition of MCI Communications Corp. We need the money as in the last five to six years we’ve repaid a considerable amount of debt, and for BT’s merger with MCI which we expect to complete by September, group treasurer Andy Longden declared, adding that We have to make a cash payment to MCI shareholders in the region of $2.5m in September.
