Oclaro swaps remaining $1.4 million 6% convertibles due 2020 for stock

By Marisa Wong

Morgantown, W.Va., Aug. 22 – Oclaro, Inc. issued 756,213 shares of its common stock in exchange for $1.4 million principal amount of its 6% convertible senior notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.

The company had entered into privately negotiated agreements on Aug. 18 to exchange the $1.4 million of notes for stock.

As of Monday, the company has completed exchanges for all $65 million of its 6% convertible notes.

Oclaro issued a total of 34,659,972 shares of its common stock and made a cash payment in the amount of $4.7 million in exchange for the $65 million of 6% notes under privately negotiated agreements between Aug. 8 and Aug. 18. The shares were issued between Aug. 9 and Aug. 22.

As a result of these transactions, Oclaro no longer has any convertible debt outstanding.

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

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