S&P gives B+ to Ciena convertibles

S&P said it assigned its B+ issue-level rating and 5 recovery rating to Ciena Corp.'s new 3.75% convertible notes due 2018. The 5 recovery rating indicates an expectation for negligible recovery (10% to 30%; rounded estimate: 20%) in the event of payment default.

The ratings are the same as the ones assigned to the company's existing convertible notes due 2018.

Ciena is offering to exchange these new notes, together with an exchange fee of $2.50 per $1,000 original principal amount, for its existing convertible notes due 2018. The new notes have substantially the same terms as the existing notes, except the company will be able to settle conversions for cash, common stock, or a combination of cash and stock, whereas the existing notes only allow for settlement in stock.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.