Viavi issues $250M in 1.625% convertible notes due 2026, exchanges $128M of 2024 notes

VIAVI SOLUTIONS INC.

Issued $250M aggregate principal of 1.625% Senior Convertible Notes due 2026; initial conversion price ~$13.19/share (22.5% premium over $10.77 close).
Exchange of ~$132M new notes for ~$128M of existing 1.00% 2024 notes; ~$96M of 2024 notes remain outstanding.
Subscription transactions raise ~$118M cash; net proceeds for general corporate purposes including debt retirement.
Company expects to repurchase up to $30M of common stock from certain institutional investors in connection with the issuance.
Transactions expected to close on or about March 6, 2023, subject to customary conditions.

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