Infinera Corp: debt financing — Infinera repurchases $83.9M of 2024 notes, issues $100M additional 2028 notes

Infinera Corp

Repurchased $83.9M principal of 2.125% Convertible Senior Notes due 2024; $18.7M remain outstanding.
Issued $100M additional principal of 3.75% Convertible Senior Notes due 2028; net proceeds ~$12.5M after costs.
Additional notes are fungible with existing $373.75M 2028 notes; same 3.75% coupon, maturity August 2028.
Net proceeds to be used for general corporate purposes, including working capital and strategic projects.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Infinera Corp incurred convertible notes of $100.0 million in additional aggregate principal amount with qualified investors at 3.75% per year maturing August 1, 2028.

Instrument: convertible notes
Principal: $100.0 million in additional aggregate principal amount
Counterparty: qualified investors
Rate: 3.75% per year
Maturity: August 1, 2028
Event: incurrence

Exact text from the filing

On June 16, 2023, Infinera Corporation (the “Company”) consummated its previously announced, privately negotiated transactions with certain qualified investors to (i) repurchase $83.9 million in aggregate principal amount of its 2.125% Convertible Senior Notes due 2024 (the “repurchased 2024 notes”) and (ii) issue $100.0 million in additional aggregate principal amount of its currently outstanding 3.75% Convertible Senior Notes due 2028 (the “additional notes”) in a private placement

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Infinera Corp incurred convertible notes of $83.9 million in aggregate principal amount with qualified investors at 2.125% maturing 2024.

Instrument: convertible notes
Principal: $83.9 million in aggregate principal amount
Counterparty: qualified investors
Rate: 2.125%
Maturity: 2024
Event: incurrence

Exact text from the filing

On June 16, 2023, Infinera Corporation (the “Company”) consummated its previously announced, privately negotiated transactions with certain qualified investors to (i) repurchase $83.9 million in aggregate principal amount of its 2.125% Convertible Senior Notes due 2024

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Infinera Corp entered into Indenture with U.S. Bank Trust Company, National Association valued at $100.0 million (effective 2023-06-16).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $100.0 million
Effective: 2023-06-16

Exact text from the filing

The additional notes were issued under an indenture dated as of August 8, 2022 (the “Indenture”), by and between the Company and U.S.

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Source: SEC EDGAR

accession 0001138639-23-000135

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