CIENA CORP (CIEN): debt financing — Ciena refinances ~$1.17B in term loans, replaces $300M ABL with new revolver

CIENA CORP

New senior secured term loan of $1.17B due October 2030 bears interest at SOFR+2.00% or base+1.00%.
Proceeds plus cash on hand used to repay existing $668.7M 2025 and $497.5M 2030 term loans in full.
New $300M revolver replaces existing ABL facility, with option to increase to $450M and matures October 2028.
ABL Credit Agreement terminated; no loans outstanding at termination; letters of credit of ~$65.1M transferred.
Financial covenants include max Total Secured Net Leverage Ratio of 3.50x before investment grade event.

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

CIENA CORP incurred term loan of $1.17 billion with Bank of America, N.A., as administrative agent at SOFR (subject to a floor of 0.00%) plus an applicable margin of 2.00% maturing October 24, 2030.

Instrument: term loan
Principal: $1.17 billion
Counterparty: Bank of America, N.A., as administrative agent
Rate: SOFR (subject to a floor of 0.00%) plus an applicable margin of 2.00%
Maturity: October 24, 2030
Event: incurrence

Exact text from the filing

entered into an Incremental Amendment Agreement to the Credit Agreement with the lenders party thereto and Bank of America (the “Amendment”) pursuant to which Ciena incurred a new single tranche of senior secured term loans in an aggregate principal amount of $1.17 billion (the “New Term Loan”).

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

CIENA CORP incurred revolving credit of $300 million with Bank of America at SOFR (subject to a floor of 0.00%) plus a credit spread adjustment of 0.10% plus maturing October 24, 2028.

Instrument: revolving credit
Principal: $300 million
Counterparty: Bank of America
Rate: SOFR (subject to a floor of 0.00%) plus a credit spread adjustment of 0.10% plus
Maturity: October 24, 2028
Event: incurrence

Exact text from the filing

On the Closing Date, pursuant to the Amendment, Ciena also incurred a new senior secured revolving credit facility of $300 million (the “Revolving Credit Facility”), which replaces the Existing ABL Facility.

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

CIENA CORP entered into Incremental Amendment Agreement with Bank of America, N.A., as administrative agent valued at $1.17 billion (effective 2023-10-24).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent
Value: $1.17 billion
Effective: 2023-10-24

Exact text from the filing

On October 24, 2023 (the “Closing Date”), Ciena, as borrower, and Ciena Communications, Inc., Ciena Government Solutions, Inc., Ciena Communications International, LLC and Blue Planet Software, Inc., as guarantors, entered into an Incremental Amendment Agreement to the Credit Agreement with the lenders party thereto and Bank of America (the “Amendment”) pursuant to which Ciena incurred a new single tranche of senior secured term loans in an aggregate principal amount of $1.17 billion (the “New Term Loan”).

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102 debt financings filed in the last 30 days. Browse all debt financings →

CIENA CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-263172

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