Ciena talks $700 million seven-year term loan at Libor plus 225 bps

New York, Sept. 11 – Ciena Corp. set talk for its $700 million seven-year term loan B (Ba1/BB) at Libor plus 225 basis points with an original issue discount of 99.5 to 99.75, according to a market source.

The loan has a Libor floor of 0%.

Ciena launched the financing with a lender call on Tuesday.

BofA Merrill Lynch is left lead on the financing, and Deutsche Bank and JPMorgan are also arrangers.

The loan has soft call protection at 101 for six months.

Commitments are due by 12 p.m. ET on Sept. 20.

Proceeds will be used to refinance the company’s existing term loan B and some of its convertible notes.

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

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