Ciena: Holders convert all $50 million 8% convertibles due 2019

By Susanna Moon

Chicago, Sept. 3 – Ciena Corp. issued about 4.6 million common shares and paid $14.5 million in cash after holders converted all $50 million principal amount of outstanding 8% convertible senior secured notes due 2019.

The notes were convertible after Ciena closed the acquisition of Cyan, Inc. on Aug. 3 and assumed Cyan’s $50 million of 8% convertibles, according to an 8-K filing with the Securities and Exchange Commission.

Holders could convert the notes at an increased conversion rate of about 91.79 shares of Ciena common stock and $290.08 in cash for each $1,000 principal amount of notes converted.

After the conversion, there are no more of the 8% convertibles left outstanding.

Ciena is a Hanover, Md.-based supplier of communications networking equipment and software.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.