Oclaro subsidiary to price $25 million six-year exchangeable notes

By Rebecca Melvin

New York, Dec. 10 - Oclaro Luxembourg SA, a subsidiary of Oclaro Inc., launched an offering of $25 million of six-year exchangeable senior secured second-lien notes, according to a news release.

The paper, which matures in 2018, will be exchangeable into shares of common stock.

Proceeds of the Rule 144A deal are earmarked for general corporate purposes, including working capital, and including acquisitions or investments in complementary businesses, products or technologies.

The indenture governing the notes will contain covenants restricting the ability of the company and certain subsidiaries to incur debt, to make certain restricted payments, to create liens, to sell or dispose of certain assets and to enter into certain mergers or corporate transactions.

Based in San Jose, Calif., Oclaro manufactures optical components, modules and subsystems used in telecommunications, data communications, aerospace and industry.

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