Oclaro to swap $40.1 million 6% convertibles due 2020 for stock

By Marisa Wong

Morgantown, W.Va., Aug. 10 – Oclaro, Inc. has agreed to issue 20,564,101 shares of its common stock plus a to be determined amount of additional stock in exchange for $40.1 million principal amount of its 6% convertible senior notes due 2020.

The company entered into privately negotiated agreements on Tuesday and expects to issue the shares on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The actual number of additional shares to be issued cannot yet be determined, because they will be based on a calculation that takes into account the volume weighted average price over an agreed trading period and some other formulaic considerations, the filing noted.

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

© 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.