Ciena plans to buy back $288 million convertible debt due in October

By Devika Patel

Knoxville, Tenn., Sept. 11 – Ciena Corp. intends to buy back $288 million of convertible debt that’s due in October.

“From a capital allocation priority perspective, we, in addition to the stock buyback plan, have announced our intent to buy back some convertible debt that’s due in October, and that’s $288 million,” vice president of investor relations Gregg Lampf said at the Raymond James 14th North American Equities Conference in London on Tuesday.

The company wants to maintain a high level of liquidity.

“We do, as part of our long-term targets, have indicated that we would like to have a $700 million to $800 million liquidity level,” he said.

Ciena is a Linthicum, Md.-based supplier of communications networking equipment and software.

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