secwatch.observer — SEC 8-K summary
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Issuer:     CIENA CORP (CIEN)
CIK:        0000936395
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001193125-23-263172
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ciena refinances ~$1.17B in term loans, replaces $300M ABL with new revolver
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/936395/000119312523263172/0001193125-23-263172-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/936395/000119312523263172/d912624d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-263172

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