Finisar holders convert all 5% convertible notes ahead of redemption

By Jennifer Chiou

New York, Oct. 29 – Finisar Corp. announced that holders of all $40,015,000 of its 5% convertible senior notes due 2029 elected to convert their securities ahead of redemption, resulting in the issue of about 3.75 million Finisar common shares.

According to a press release, the notes were converted at a rate of 93.6768 shares of Finisar's common stock for each $1,000 principal amount, or a conversion price of about $10.68 per share.

The redemption date was slated for Oct. 29.

Wells Fargo Bank, NA is the trustee.

Finisar is a Sunnyvale, Calif.-based maker of fiber optic subsystems. Its stock (Nasdaq: FNSR) closed at $15.60 per share on Oct. 9, the day on which the redemption was announced.

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