VIAVI Announces Private Convertible Exchange and Subscription Transactions of $250 Million Principal Amount of 0.625% Senior Convertible Notes Due 2031
Viavi Solutions (NASDAQ:VIAV) has announced private convertible exchange and subscription transactions totaling $250 million in new 0.625% Senior Convertible Notes due 2031. The transaction consists of $100.9 million in new notes exchanged for $97.5 million of existing 2026 Notes, and $149.1 million in new notes issued for cash.
The new notes will have a 0.625% annual interest rate, mature on March 1, 2031, and feature an initial conversion price of $13.79 per share, representing a 25% premium over the closing price. Additionally, VIAVI plans to repurchase $30 million of its common stock at $11.03 per share using cash on hand.
Viavi Solutions (NASDAQ:VIAV) ha annunciato operazioni private di scambio e sottoscrizione convertibili per un totale di $250 million in nuove note convertibili senior al 0,625% con scadenza nel 2031. L'operazione comprende $100.9 million di nuove note scambiate con $97.5 million di note esistenti 2026 e $149.1 million di nuove note emesse dietro pagamento in contanti.
Le nuove note avranno un tasso d'interesse annuo dello 0,625%, scadranno il 1° marzo 2031 e prevedono un prezzo iniziale di conversione di $13.79 per azione, corrispondente a un premio del 25% rispetto al prezzo di chiusura. Inoltre, VIAVI intende riacquistare $30 million delle proprie azioni ordinarie a $11.03 per azione utilizzando la liquidità disponibile.
Viavi Solutions (NASDAQ:VIAV) ha anunciado transacciones privadas de intercambio y suscripción convertibles por un total de $250 million en nuevas notas convertibles senior al 0,625% con vencimiento en 2031. La operación consiste en $100.9 million en nuevas notas intercambiadas por $97.5 million de notas existentes 2026 y $149.1 million en nuevas notas emitidas por efectivo.
Las nuevas notas tendrán un tipo de interés anual del 0,625%, vencerán el 1 de marzo de 2031 y cuentan con un precio inicial de conversión de $13.79 por acción, lo que representa una prima del 25% sobre el precio de cierre. Además, VIAVI planea recomprar $30 million de sus acciones ordinarias a $11.03 por acción utilizando efectivo disponible.
Viavi Solutions (NASDAQ:VIAV)는 총 $250 million 규모의 신규 0.625% 선순위 전환사채(만기 2031년)에 대한 사모 교환 및 인수 거래를 발표했습니다. 이번 거래는 기존 2026년물 $97.5 million과 교환된 신규 채권 $100.9 million과 현금 발행된 신규 채권 $149.1 million으로 구성됩니다.
신규 채권은 연 0.625%의 이자율이 적용되며, 만기는 2031년 3월 1일이고 초기 전환가격은 주당 $13.79로 종가 대비 25% 프리미엄을 나타냅니다. 또한 VIAVI는 보유 현금을 사용해 $11.03에 주당으로 자사 보통주 $30 million어치를 재매입할 계획입니다.
Viavi Solutions (NASDAQ:VIAV) a annoncé des opérations privées d'échange et de souscription convertibles totalisant $250 million en nouvelles obligations convertibles senior à 0,625% arrivant à échéance en 2031. La transaction comprend $100.9 million de nouvelles obligations échangées contre $97.5 million d'obligations existantes 2026, et $149.1 million de nouvelles obligations émises contre paiement en numéraire.
Les nouvelles obligations porteront un taux d'intérêt annuel de 0,625%, arriveront à échéance le 1er mars 2031 et présentent un prix initial de conversion de $13.79 par action, soit une prime de 25% par rapport au cours de clôture. De plus, VIAVI prévoit de racheter $30 million de ses actions ordinaires au prix de $11.03 par action en utilisant sa trésorerie disponible.
Viavi Solutions (NASDAQ:VIAV) hat private Umtausch- und Zeichnungstransaktionen angekündigt, die insgesamt $250 million an neuen 0,625% vorrangigen wandelbaren Schuldverschreibungen mit Fälligkeit 2031 umfassen. Die Transaktion besteht aus $100.9 million neuen Notes, die gegen $97.5 million bestehender 2026-Notes getauscht werden, und $149.1 million neuen Notes, die gegen Barzahlung ausgegeben werden.
Die neuen Notes tragen einen jährlichen Zinssatz von 0,625%, laufen bis zum 1. März 2031 und haben einen anfänglichen Wandlungspreis von $13.79 je Aktie, was einem Aufschlag von 25% gegenüber dem Schlusskurs entspricht. Darüber hinaus plant VIAVI, $30 million seiner Stammaktien zum Preis von $11.03 je Aktie aus vorhandenen Barmitteln zurückzukaufen.
- None.
- None.
Insights
VIAV restructures debt with favorable terms, improving financial flexibility while extending maturity timeline from 2026 to 2031.
VIAVI is executing a sophisticated debt restructuring maneuver with its
The transaction's structure offers several strategic advantages: First, it creates a more manageable debt repayment timeline by reducing the 2026 maturity obligation from
The conversion premium of
When issued:
- The New Notes will represent senior unsecured obligations of VIAVI and will pay interest semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2026, at a rate of
0.625% per annum.
- The New Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased.
- The New Notes will be convertible at the option of holders in certain circumstances and during certain periods into cash up to their principal amount, and into cash, shares of VIAVI's common stock or a combination of cash and VIAVI's common stock, at VIAVI's election, for the conversion value above the principal amount, if any. The initial conversion rate is 72.5295 shares of VIAVI's common stock per
$1,000 $13.79 25% conversion premium over the closing price of$11.03
- VIAVI may redeem for cash all or any portion of the New Notes, at its option, on or after September 6, 2028 and prior to the 41st scheduled trading day immediately preceding the maturity date, under certain circumstances at a redemption price equal to
100% of the principal amount of the New Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If VIAVI redeems less than all the outstanding New Notes, at least$75 million
If VIAVI undergoes a fundamental change (as defined in the indenture governing the New Notes), holders may require VIAVI to repurchase for cash all or part of their New Notes at a purchase price equal to
VIAVI will not receive any cash proceeds from the Exchange Transactions. In exchange for issuing the New Notes pursuant to the Exchange Transactions, VIAVI will receive and cancel the exchanged 2026 Notes. VIAVI estimates that the gross cash proceeds from the Subscription Transactions will be approximately
In connection with the issuance of the New Notes, VIAVI expects to repurchase approximately
In connection with the issuance of the New Notes, the Company has been advised that the placement agent for the Exchange Transactions and the Subscription Transactions intends to purchase approximately
The New Notes were offered only to persons who are reasonably believed to be institutional "accredited investors" within the meaning of Rule 501 of Regulation D under the Securities Act and "qualified institutional buyers" as defined in Rule 144A promulgated under the Securities Act. The New Notes and any of VIAVI's common stock issuable upon conversion of the New Notes have not been registered under the Securities Act or under any state securities laws and may not be offered or sold without registration under, or an applicable exemption from, the registration requirements of the Securities Act and any applicable state securities laws. This announcement does not constitute an offer to sell, nor is it a solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements include statements regarding the Company's current expectations regarding the transactions described in this press release and the anticipated use of proceeds therefrom, and can be identified by the fact that they do not relate strictly to historical or current facts. These forward-looking statements involve risks and uncertainties that could cause the Company's results to differ materially from management's current expectations. For more information on these risks, please refer to the "Risk Factors" section included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 11, 2025. The forward-looking statements contained in this press release are made as of the date hereof and the Company assumes no obligation to update such statements.
Press Contact: | Amit Malhotra, 202-341-8624; amit.malhotra@viavisolutions.com |
Investor Contact: | Vibhuti Nayar, 408-404-6305; investor.relations@viavisolutions.com |
View original content to download multimedia:https://www.prnewswire.com/news-releases/viavi-announces-private-convertible-exchange-and-subscription-transactions-of-250-million-principal-amount-of-0-625-senior-convertible-notes-due-2031--302530055.html
SOURCE VIAVI Financials
