Oclaro (OCLR) Completes Exchanges of 6% Convertible Senior Notes Due 2020

August 22, 2016 5:39 PM EDT

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Oclaro, Inc. (Nasdaq: OCLR), a leading provider and innovator of optical communications solutions, today announced that, effective on August 22, 2016, it has completed the exchanges for all $65 million of its 6% Convertible Senior Notes due 2020.

Between August 8, 2016 and August 18, 2016, Oclaro entered into privately negotiated agreements pursuant to which it (i) issued an aggregate of 34,659,972 shares of its common stock, par value $0.01 per share, and (ii) made a cash payment in the amount of $4.7 million, in exchange for $65 million aggregate principal amount of its 6.00% Convertible Senior Notes due 2020. The shares were issued between August 9, 2016 and August 22, 2016. As a result of these transactions, Oclaro no longer has any convertible debt outstanding.

The issuance of shares in connection with these agreements was made pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), contained in Section 3(a)(9) of the Securities Act, on the basis that the exchanges constituted exchanges with existing holders of Oclaro's securities and no commission or other remuneration was or will be paid or given directly or indirectly to any party for soliciting such exchange.

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