Ciena announces $2.0B convertible notes offering to repay term loan and buy back stock

CIENA CORP

Offers $2.0B aggregate principal of convertible senior notes due 2031; initial purchasers have $300M over-allotment option.
Net proceeds used to repay $1.14B outstanding term loan, repurchase up to $140M common stock, and pay hedge/warrant costs.
Expects to enter convertible note hedge and warrant transactions to reduce potential dilution from conversion.
Amends credit agreement to extend revolving facility maturity to Oct 2030 and adjust interest rate margins and commitment fees.
Offering and credit agreement amendment are cross-conditional on repayment of existing term loan.

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