Finisar to swap $16.95 million 5% convertibles for 1.59 million shares

By Melissa Kory

Cleveland, Jan. 18 - Finisar Corp. will exchange $13.4 million of its 5% convertible senior notes due 2029, plus accrued interest to Jan. 20, for 1.26 million shares of common stock, based on the conversion price of $10.68 per share, plus 57,959 additional shares, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company entered into the exchange agreement on Jan. 14.

On Jan. 18, the company entered into another agreement to exchange $3.55 million of the notes, plus accrued interest to Jan. 21, for 332,400 shares, based on the conversion price, plus 15,661 additional shares.

Following these exchanges as well as the previously announced exchange of $25.2 million of the notes, plus accrued interest to Jan. 19, for 2.36 million shares plus an additional 110,000 shares, about $57.9 million of the convertibles will remain outstanding.

Finisar is a Sunnyvale, Calif.-based maker of fiber optic subsystems.

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