Viavi swaps convertibles: 1% notes due 2024 for 1.625% notes due 2026

Chicago, March 2 – Viavi Solutions Inc. announced that it worked with certain holders of its existing 1% senior convertible notes due 2024 on an exchange for notes with a higher coupon and an extended maturity date, according to a press release.

Noteholders are exchanging $128 million of their existing notes for $132 million of new 1.625% convertible notes due 2026.

The company is selling additional notes due 2026 for cash, for a total issue size of $250 million.

After the transaction closed, $96 million of the existing convertibles due 2024 will remain outstanding.

Settlement is planned for March 6.

Viavi is a Chandler, Ariz.-based network test, measurement and assurance technology company.

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