Harmonic issues redemption notice for 2% convertibles due 2024

By William Gullotti

Buffalo, N.Y., Jan. 30 – Harmonic Inc. issued a redemption notice to holders of its 2% convertible senior notes due 2024 on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

All of the outstanding notes will be redeemed at par plus any accrued and unpaid interest on April 18.

Prior to the close of business on April 16, noteholders will be able to convert their notes at a rate of 117.1485 shares of common stock per $1,000 note. However, the company has already opted to settle any such conversions by combination settlement, paid in cash at $1,000 per $1,000 principal amount.

The telecom equipment supplier is based in San Jose, Calif.

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