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CIENA CORP 8-K Report, Corporate Update (Aug 5, 2016)

Reports
Other Events
Filing Date
Filed August 5, 2016
Period End
August 5, 2016
Security
CIEN
In the record · 2016–202610-K1010-Q338-K105

CIEN filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Material agreement8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed August 5, 2016. Cited figures are marked; the original filing is the authoritative source.

CIENA CORP (CIEN) filed an 8-K on August 5, 2016, to report the repurchase of a significant portion of its outstanding 0.875%a Convertible Senior Notes due 2017.

The company repurchased approximately $205 millionb in aggregate principal amount of these notes in a private transaction, using an equivalent amount for the purchase, including accrued interest. This action reduces the principal amount of the 2017 Notes outstanding, indicating a strategic move to manage its debt obligations. Following this repurchase, CIEN still has $245,326,000 in aggregate principal amount of the 2017 Notes remaining.

This event is primarily an "Other Event" disclosure, informing stakeholders about a specific debt management transaction. Investors should note this action as it impacts the company's outstanding debt structure and potentially its financial leverage.

02—Key points

Key Highlights

  1. Ciena Corp (CIEN) repurchased $205 million in aggregate principal amount of its 0.875% Convertible Senior Notes due 2017.
  2. The repurchase was conducted in a private transaction.
  3. The aggregate purchase price was approximately $205 million, inclusive of accrued interest.
  4. This transaction effectively reduces Ciena's outstanding convertible debt.
  5. Approximately $245.3 million in aggregate principal amount of the 2017 Notes remains outstanding after the repurchase.
  6. The filing is categorized under Item 8.01 - Other Events, signaling a material event outside of standard SEC reporting categories.
  7. The debt being repurchased carries a low coupon rate of 0.875%.

03—Questions

Frequently Asked Questions

  1. What specifically did Ciena Corporation repurchase?

    Ciena Corporation repurchased approximately $205 million in aggregate principal amount of its outstanding 0.875% Convertible Senior Notes due 2017.

  2. What was the cost of this repurchase?

    The aggregate purchase price for the repurchased notes was approximately $205 million, which included any accrued interest on those notes.

  3. How much of the 2017 Convertible Senior Notes are still outstanding?

    After the repurchase, there remains $245,326,000 in aggregate principal amount of the 0.875% Convertible Senior Notes due 2017 outstanding.

  4. Why would a company repurchase its own convertible debt?

    Companies may repurchase convertible debt for several reasons, including to reduce leverage, manage future dilution from convertible bonds converting to stock, to take advantage of favorable market conditions for debt repurchase, or to simplify their capital structure. In this case, it reduces the principal amount and associated future obligations.

04—Continue

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