JDSU greenshoe exercised, lifts 0.625% convertible sale to $650 million

By Tali David

Minneapolis, Aug. 21 - JDS Uniphase Corp. said the over-allotment option on its 0.625% convertible debentures due 2033 offering was exercised in full, increasing the offering by $75 million.

The company priced $575 million of the 20-year convertibles at par with a 40% initial conversion premium on Aug. 16. The total issue size is now $650 million.

As previously reported, the issue was sold via joint bookrunners Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.

JDSU used $100 million of the net proceeds from the offering to repurchase shares of its outstanding common stock in privately negotiated transactions. The remaining net proceeds will be used for general corporate purposes, including potential strategic transactions.

JDSU is a Milpitas, Calif.-based supplier of network equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.