[8-K] Viavi Solutions Inc. Reports Material Event
Viavi Solutions Inc. agreed to issue $250 million aggregate principal amount of 0.625% Senior Convertible Notes due 2031, consisting of approximately $100.9 million of New Notes exchanged for about $97.5 million principal amount of its existing 1.625% Senior Convertible Notes due 2026 and approximately $149.1 million of New Notes sold for cash. After the Exchange Transactions, approximately $152.5 million principal amount of the 2026 Notes will remain outstanding.
The company expects to use net proceeds from the Subscription Transactions to repay a portion of the 2026 Notes upon maturity and expects the Transactions to close on or about August 20, 2025. In connection with the issuance of the New Notes, the company expects to repurchase approximately $30 million of common stock at $11.03 per share and the placement agent intends to purchase about $25 million of shares at a 5% discount to that price. Forms of the agreements and a press release are filed as exhibits.
Viavi Solutions Inc. ha concordato di emettere un ammontare complessivo di $250 million di Note Convertibili Senior allo 0,625% con scadenza 2031, comprendenti circa $100.9 million di Nuove Note scambiate per circa $97.5 million di valore nominale delle sue attuali Note Convertibili Senior allo 1,625% con scadenza 2026 e circa $149.1 million di Nuove Note vendute per contanti. Dopo le transazioni di scambio, rimarranno in circolazione circa $152.5 million di valore nominale delle Note 2026.
L'azienda prevede di utilizzare i proventi netti delle transazioni di sottoscrizione per rimborsare una parte delle Note 2026 alla scadenza e si aspetta che le transazioni si chiudano intorno al 20 agosto 2025. In relazione all'emissione delle Nuove Note, la società prevede di riacquistare circa $30 million di azioni ordinarie al prezzo di $11.03 per azione e l'agente di collocamento intende acquistare circa $25 million di azioni con uno sconto del 5% su tale prezzo. I moduli degli accordi e un comunicato stampa sono depositati come allegati.
Viavi Solutions Inc. acordó emitir un monto agregado de $250 million de Notas Convertibles Senior al 0,625% con vencimiento en 2031, que consisten en aproximadamente $100.9 million de Nuevas Notas canjeadas por alrededor de $97.5 million de valor nominal de sus actuales Notas Convertibles Senior al 1,625% con vencimiento en 2026 y aproximadamente $149.1 million de Nuevas Notas vendidas por efectivo. Tras las transacciones de canje, permanecerán en circulación aproximadamente $152.5 million de valor nominal de las Notas 2026.
La compañía espera usar los ingresos netos de las transacciones de suscripción para pagar una parte de las Notas 2026 al vencimiento y espera que las transacciones se cierren alrededor del 20 de agosto de 2025. En relación con la emisión de las Nuevas Notas, la compañía espera recomprar aproximadamente $30 million en acciones ordinarias a $11.03 por acción y el agente colocador tiene la intención de comprar alrededor de $25 million en acciones con un descuento del 5% sobre ese precio. Los formularios de los acuerdos y un comunicado de prensa se presentan como anexos.
Viavi Solutions Inc.는 2031년 만기 0.625% 시니어 전환사채 총액 $250 million을 발행하기로 합의했으며, 이는 약 $100.9 million의 신규 채권이 기존의 약 $97.5 million 원금의 1.625% 시니어 전환사채(2026년 만기)와 교환된 부분과 약 $149.1 million의 신규 채권이 현금으로 매각된 부분으로 구성됩니다. 교환 거래 이후에는 약 $152.5 million의 2026년 채권 원금이 잔존할 예정입니다.
회사는 청약 거래에서 발생한 순수익을 2026년 채권의 만기 상환 일부에 사용할 계획이며, 거래는 2025년 8월 20일경 마감될 것으로 예상합니다. 신규 채권 발행과 관련해 회사는 보통주 약 $30 million을 주당 $11.03에 자사주로 재매입할 예정이며, 배치 에이전트는 그 가격에서 5% 할인된 가격으로 약 $25 million 상당의 주식을 인수할 의향입니다. 계약서 양식 및 보도자료가 첨부서류로 제출되어 있습니다.
Viavi Solutions Inc. a accepté d'émettre un montant global de $250 million d'obligations convertibles senior à 0,625% arrivant à échéance en 2031, comprenant environ $100.9 million de Nouvelles Obligations échangées contre environ $97.5 million de montant nominal de ses obligations convertibles senior existantes à 1,625% arrivant à échéance en 2026, et environ $149.1 million de Nouvelles Obligations vendues contre espèces. Après les opérations d'échange, environ $152.5 million de montant nominal des obligations 2026 resteront en circulation.
La société prévoit d'utiliser le produit net des opérations de souscription pour rembourser une partie des obligations 2026 à l'échéance et s'attend à ce que les opérations soient clôturées aux alentours du 20 août 2025. Dans le cadre de l'émission des Nouvelles Obligations, la société prévoit de racheter environ $30 million d'actions ordinaires au prix de $11.03 par action et l'agent de placement a l'intention d'acheter environ $25 million d'actions avec une décote de 5% sur ce prix. Les modèles des accords et un communiqué de presse sont déposés en tant que pièces jointes.
Viavi Solutions Inc. hat zugestimmt, ein Gesamtnennbetrag von $250 million an vorrangigen wandelbaren Schuldverschreibungen (0,625% Senior Convertible Notes) mit Fälligkeit 2031 auszugeben. Diese bestehen aus ungefähr $100.9 million an neuen Schuldverschreibungen, die gegen rund $97.5 million Nennbetrag der bestehenden 1,625% Senior Convertible Notes mit Fälligkeit 2026 getauscht werden, und ungefähr $149.1 million an neuen Schuldverschreibungen, die gegen Barzahlung verkauft werden. Nach den Tauschgeschäften werden noch etwa $152.5 million Nennbetrag der 2026-Notes ausstehen.
Das Unternehmen beabsichtigt, die Nettoerlöse aus den Zeichnungstransaktionen zur teilweise Rückzahlung der 2026-Notes bei Fälligkeit zu verwenden und erwartet, dass die Transaktionen am oder um den 20. August 2025 abgeschlossen werden. Im Zusammenhang mit der Emission der neuen Schuldverschreibungen plant das Unternehmen, rund $30 million an Stammaktien zum Preis von $11.03 je Aktie zurückzukaufen, und der Platzierungsagent beabsichtigt, Aktien im Gegenwert von etwa $25 million zu einem um 5% verminderten Preis zu erwerben. Fassungen der Vereinbarungen und eine Pressemitteilung sind als Anlagen eingereicht.
- $250 million of New Notes issued, providing additional financing capacity
- New Notes bear 0.625% coupon due 2031, lower stated interest rate compared with the 1.625% 2026 Notes
- Net proceeds from subscriptions will be used to repay a portion of the 2026 Notes upon maturity
- Approximately $152.5 million principal amount of 2026 Notes will remain outstanding after the exchanges
- Company expects to repurchase about $30 million of common stock using cash on hand, which reduces liquidity available for other uses
- Placement agent intends to purchase about $25 million of shares at a 5% discount, and such transactions could affect the market price of the common stock or the New Notes
Insights
TL;DR: Lower coupon and longer maturity reduce near-term cash interest and extend debt maturity, improving financing flexibility.
The company is replacing part of its 2026 convertible exposure with $250 million of 0.625% convertibles due 2031, including $100.9 million issued in exchange and $149.1 million by subscription. The new notes carry a lower stated coupon than the 1.625% 2026 Notes and extend contractual maturity to 2031, and the company intends to apply subscription net proceeds to repay a portion of the 2026 Notes at maturity. The filing also discloses approximately $152.5 million of 2026 Notes will remain outstanding after the exchanges and an announced plan to repurchase about $30 million of common stock using cash on hand.
TL;DR: Transaction changes the convertible debt profile and increases outstanding convertible supply while leaving material 2026 exposure.
The issuance increases convertible principal outstanding by $250 million maturing in 2031 while leaving roughly $152.5 million of the 2026 Convertibles outstanding. The mix of exchange and cash subscription transactions shifts timing of creditor claims. The filing also notes equity repurchases of about $30 million and a placement agent purchase of roughly $25 million of shares at a 5% discount; these market transactions could influence trading dynamics for both the common stock and the New Notes. Overall this is a material financing action with mixed impacts on stakeholders.
Viavi Solutions Inc. ha concordato di emettere un ammontare complessivo di $250 million di Note Convertibili Senior allo 0,625% con scadenza 2031, comprendenti circa $100.9 million di Nuove Note scambiate per circa $97.5 million di valore nominale delle sue attuali Note Convertibili Senior allo 1,625% con scadenza 2026 e circa $149.1 million di Nuove Note vendute per contanti. Dopo le transazioni di scambio, rimarranno in circolazione circa $152.5 million di valore nominale delle Note 2026.
L'azienda prevede di utilizzare i proventi netti delle transazioni di sottoscrizione per rimborsare una parte delle Note 2026 alla scadenza e si aspetta che le transazioni si chiudano intorno al 20 agosto 2025. In relazione all'emissione delle Nuove Note, la società prevede di riacquistare circa $30 million di azioni ordinarie al prezzo di $11.03 per azione e l'agente di collocamento intende acquistare circa $25 million di azioni con uno sconto del 5% su tale prezzo. I moduli degli accordi e un comunicato stampa sono depositati come allegati.
Viavi Solutions Inc. acordó emitir un monto agregado de $250 million de Notas Convertibles Senior al 0,625% con vencimiento en 2031, que consisten en aproximadamente $100.9 million de Nuevas Notas canjeadas por alrededor de $97.5 million de valor nominal de sus actuales Notas Convertibles Senior al 1,625% con vencimiento en 2026 y aproximadamente $149.1 million de Nuevas Notas vendidas por efectivo. Tras las transacciones de canje, permanecerán en circulación aproximadamente $152.5 million de valor nominal de las Notas 2026.
La compañía espera usar los ingresos netos de las transacciones de suscripción para pagar una parte de las Notas 2026 al vencimiento y espera que las transacciones se cierren alrededor del 20 de agosto de 2025. En relación con la emisión de las Nuevas Notas, la compañía espera recomprar aproximadamente $30 million en acciones ordinarias a $11.03 por acción y el agente colocador tiene la intención de comprar alrededor de $25 million en acciones con un descuento del 5% sobre ese precio. Los formularios de los acuerdos y un comunicado de prensa se presentan como anexos.
Viavi Solutions Inc.는 2031년 만기 0.625% 시니어 전환사채 총액 $250 million을 발행하기로 합의했으며, 이는 약 $100.9 million의 신규 채권이 기존의 약 $97.5 million 원금의 1.625% 시니어 전환사채(2026년 만기)와 교환된 부분과 약 $149.1 million의 신규 채권이 현금으로 매각된 부분으로 구성됩니다. 교환 거래 이후에는 약 $152.5 million의 2026년 채권 원금이 잔존할 예정입니다.
회사는 청약 거래에서 발생한 순수익을 2026년 채권의 만기 상환 일부에 사용할 계획이며, 거래는 2025년 8월 20일경 마감될 것으로 예상합니다. 신규 채권 발행과 관련해 회사는 보통주 약 $30 million을 주당 $11.03에 자사주로 재매입할 예정이며, 배치 에이전트는 그 가격에서 5% 할인된 가격으로 약 $25 million 상당의 주식을 인수할 의향입니다. 계약서 양식 및 보도자료가 첨부서류로 제출되어 있습니다.
Viavi Solutions Inc. a accepté d'émettre un montant global de $250 million d'obligations convertibles senior à 0,625% arrivant à échéance en 2031, comprenant environ $100.9 million de Nouvelles Obligations échangées contre environ $97.5 million de montant nominal de ses obligations convertibles senior existantes à 1,625% arrivant à échéance en 2026, et environ $149.1 million de Nouvelles Obligations vendues contre espèces. Après les opérations d'échange, environ $152.5 million de montant nominal des obligations 2026 resteront en circulation.
La société prévoit d'utiliser le produit net des opérations de souscription pour rembourser une partie des obligations 2026 à l'échéance et s'attend à ce que les opérations soient clôturées aux alentours du 20 août 2025. Dans le cadre de l'émission des Nouvelles Obligations, la société prévoit de racheter environ $30 million d'actions ordinaires au prix de $11.03 par action et l'agent de placement a l'intention d'acheter environ $25 million d'actions avec une décote de 5% sur ce prix. Les modèles des accords et un communiqué de presse sont déposés en tant que pièces jointes.
Viavi Solutions Inc. hat zugestimmt, ein Gesamtnennbetrag von $250 million an vorrangigen wandelbaren Schuldverschreibungen (0,625% Senior Convertible Notes) mit Fälligkeit 2031 auszugeben. Diese bestehen aus ungefähr $100.9 million an neuen Schuldverschreibungen, die gegen rund $97.5 million Nennbetrag der bestehenden 1,625% Senior Convertible Notes mit Fälligkeit 2026 getauscht werden, und ungefähr $149.1 million an neuen Schuldverschreibungen, die gegen Barzahlung verkauft werden. Nach den Tauschgeschäften werden noch etwa $152.5 million Nennbetrag der 2026-Notes ausstehen.
Das Unternehmen beabsichtigt, die Nettoerlöse aus den Zeichnungstransaktionen zur teilweise Rückzahlung der 2026-Notes bei Fälligkeit zu verwenden und erwartet, dass die Transaktionen am oder um den 20. August 2025 abgeschlossen werden. Im Zusammenhang mit der Emission der neuen Schuldverschreibungen plant das Unternehmen, rund $30 million an Stammaktien zum Preis von $11.03 je Aktie zurückzukaufen, und der Platzierungsagent beabsichtigt, Aktien im Gegenwert von etwa $25 million zu einem um 5% verminderten Preis zu erwerben. Fassungen der Vereinbarungen und eine Pressemitteilung sind als Anlagen eingereicht.
FAQ
What financing did Viavi (VIAV) announce in this 8-K?
How much of the existing 2026 Notes were exchanged?
What cash subscriptions were included in the Transactions?
Will any 2026 Notes remain outstanding after the Transactions?
Are there any share repurchases tied to the issuance?
When are the Transactions expected to close?
