Finisar to redeem all outstanding 0.50% convertible senior notes due 2033

Optical communications module and vertical-cavity surface-emitting laser (VCSEL) maker Finisar Corp of Sunnyvale, CA, USA says it intends to redeem all of its outstanding 0.50% convertible senior notes (due 2033) on 1 May. Any cash required for the redemption will come from cash on hand.

As of 11 April, there was about $1,054,000 worth of the securities outstanding. Unless converted by the holders into shares of Finisar’s common stock prior to the redemption date, the securities will be redeemed for cash at a redemption price equal to 100% of the value of the securities, together with accrued and unpaid interest (if any) up to, but excluding, the redemption date.

The securities are convertible at any time prior to 5pm (New York City Time) on 30 April, at a rate of 33.1303 shares of Finisar’s common stock for each $1000 worth of securities, or a conversion price of about $30.18 per share. As of 11 April, the closing sale price of Finisar common stock (as reported on the NASDAQ Global Select Market) was $24.07 per share.

Finisar is in the process of being acquired by engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA, USA (as announced on 9 November).

See related items:

II-VI’s acquisition of Finisar approved by both firms’ shareholders

Finisar’s quarterly revenue growth in WSS and VCSEL arrays for 3D applications offset by fall in sales of 10G-and-lower transceivers

II-VI to acquire Finisar for $3.2bn

Tags: Optical communications Finisar

Visit: www.finisar.com