Infinera Announces Reopening and Pricing of $325 Million Convertible Notes

Infinera Announces Reopening and Pricing of $325 Million Convertible Notes

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San Jose, Calif., Aug. 3, 2022 (GLOBE NEWSWIRE) — Infinera INFN today announced pricing of $325 million in aggregate principal amount of convertible senior notes due 2028 (the “Notes”) in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act “) known. . The offering has been increased from an originally announced total face value of $275 million. Infinera expects the offering of the Notes to close on August 8, 2022, subject to customary closing conditions. Infinera also granted the original purchaser of the Notes a 13-day option to purchase up to $48.75 million in principal in the Notes.

The Notes are Infinera general unsecured notes and interest is payable semi-annually in arrears at a rate of 3.75% per annum on February 1 and August 1 of each year beginning February 1, 2023. The Notes will mature on August 1st, 2028, provided they are not repurchased, redeemed or converted before that date.

The initial exchange price is 147.1183 common shares per $1,000 par value of the Notes (equivalent to an initial exchange price of approximately $6.80 per Infinera common share, representing a premium of 32.5% to the closing price of Infinera stock on August 3, 2022 is equivalent to). . Upon conversion, Infinera will pay cash up to the aggregate principal amount of the Notes to be converted and will pay or deliver, as the case may be, cash, Infinera common stock or a combination of cash and Infinera common stock, at its election, in respect of the remainder, if any, of its Conversion obligation that exceeds the total nominal amount of the bonds to be converted. Prior to May 1, 2028, the Notes are convertible only upon the satisfaction of certain conditions and during certain periods of time, at the option of the holders. Thereafter, the Notes are redeemable, at the option of the holders, at any time up to close of business on the second…



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