WASHINGTON (dpa-AFX) - Monday, Ciena Corporation (CIEN) announced its plan to offer $2.0 billion aggregate principal amount of convertible senior notes due 2031 in a private offering.
Additionally, the company intends to grant the initial purchasers an option to buy up to an additional $300.0 million aggregate principal amount of the notes within 13 days beginning on, and including, the initial closing date of the Offering.
Ciena plans to use a portion of the proceeds to pay the net cost of the convertible note hedge transactions as well as repurchase up to $140 million of shares of the company's common stock.
Meanwhile, it intends to use approximately $1.14 billion of the remaining net proceeds to repay amounts outstanding under its term loan under its existing credit facility and pay related fees and expenses.
In the pre-market hours, CIEN is trading at $485.90, down 0.46 percent on the New York Stock Exchange.
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