Finisar to swap $25.2 million 5% convertibles for 2.36 million shares

By Melissa Kory

Cleveland, Jan. 14 - Finisar Corp. will exchange $25.2 million of its 5% convertible senior notes due 2029, plus accrued interest to Jan. 19, for 2.36 million shares of common stock, based on the conversion price of $10.68 per share, plus about 110,000 additional shares, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The exact number of additional shares will be determined by a formula based on the closing price of the stock on Jan. 14, $34.62.

The company entered into the exchange agreement on Jan. 13.

Following the exchange, $74.8 million of the notes will remain outstanding.

Finisar is a Sunnyvale, Calif.-based maker of fiber optic subsystems.

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