30 December 2010

Finisar raises $118m on close of public offering

Fiber-optic communications component and subsystem maker Finisar Corp of Sunnyvale, CA, USA has closed its public offering of 4,140,000 shares of its common stock (announced on 20 December) at a price of $28.54 per share.

This included 3,600,000 shares originally offered plus 540,000 additional shares sold upon the full exercise of the over-allotment option by the sole underwriter Credit Suisse Securities (USA) LLC.

Total gross proceeds of the offering are $118,155,600. Net proceeds to the company are $117,900,000, after deducting estimated offering expenses.

The firm intends to use the proceeds for general corporate purposes, including working capital. Part of the net proceeds may be used for the repurchase and/or repayment of outstanding indebtedness, which may include a portion of its outstanding convertible notes.

The firm may also use part of the proceeds to acquire or invest in complementary businesses, products or technologies (although it has no present agreements or commitments with respect to any such acquisitions or investments).

See related items:

Finisar announces public offering of 3.6 million shares

Finisar’s quarterly revenue up 16% to record $240.9m

Tags: Finisar

Visit: www.finisar.com