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12 February 2015

Oclaro announces proposed offering of $55m of notes

Oclaro Inc of San Jose, CA, USA (which provides components, modules and subsystems for optical communications) intends to offer (subject to market conditions and other considerations) $55m of convertible senior notes due 2020 in a private placement.  The firm also intends to grant to the initial purchaser a 30-day option to purchase up to an additional $10m of notes.

Oclaro aims to use the net proceeds for general corporate purposes, including working capital.

The notes will be general unsecured obligations of Oclaro and interest will be paid semi-annually. They will be convertible at the option of holders into shares of Oclaro common stock at any time prior to the close of business on the day immediately preceding the maturity date on 15 February 2020.

The notes will not be redeemable at Oclaro's option prior to 15 February 2018.  On or after that date, they will be redeemable at Oclaro's option if the last reported sale price of the firm's common stock for at least 20 trading days (which need not be consecutive) in any 30-day trading period exceeds 130% of the conversion price for the notes. 

The interest rate, conversion rate and other terms of the notes will be determined at the time of the pricing of the offering.

See related items:

Oclaro's core communications revenue grows 4% quarter-to-quarter

Tags: Oclaro

Visit: www.oclaro.com

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