JDSU Prices $575 Mln Of Senior Convertible Debentures Due 2033

(RTTNews) - JDSU (JDSU) announced that it has priced $575 million of 0.625% Senior Convertible Debentures due 2033 in a private offering to qualified institutional buyers. The sale of notes is expected to close on August 21.

JDSU has granted the initial purchasers a 30-day option to purchase up to an additional $75 million aggregate principal amount of the notes.

JDSU estimates offering net proceeds to be about $563 million, or about $636 million if the initial purchasers exercise their option to purchase additional notes in full, after expenses.

JDSU plans to use $100 million offering net proceeds to repurchase shares in privately negotiated transactions and the remaining proceeds will be used for general corporate purposes, including potential strategic transactions.

The notes will represent senior unsecured obligations of JDSU and pay interest semiannually in arrears on February 15 and August 15 of each year at a rate of 0.625% per annum. The notes will mature on August 15, 2033, unless earlier converted, redeemed or repurchased.