Ciena closes $2.875 billion convertible notes offering maturing in 2031
Ciena Corporation closed on June 11, 2026 a private offering of $2.875 billion of 0.00% convertible senior notes due September 15, 2031, including $375.0 million issued under the initial purchasers' option. The company used about $1.14 billion of the net proceeds to repay its existing senior secured term loan and about $140.0 million to repurchase roughly 0.3 million shares of its common stock, with the remainder for general corporate purposes including supply chain capacity. The notes carry an initial conversion price of about $746.66 per share, and related hedge and warrant transactions could affect the number of shares and the dilution shareholders face.
Key points
- Gross proceeds of $2.875 billion and net proceeds of approximately $2.72 billion before offering expenses
- Notes mature September 15, 2031, carry no regular interest, and have an initial conversion price of about $746.66 per share
- About $1.14 billion of net proceeds used to repay the existing term loan; about $140.0 million used to repurchase about 0.3 million shares at $466.67 per share
- Company may not redeem the notes before September 20, 2029, except in a cleanup redemption
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 11, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.