Applied Optoelectronics (AAOI) stock rallied 5.36% in pre-market trading on Thursday, following the company's announcements of a proposed private exchange offer for its 2026 convertible notes and a concurrent registered direct offering of common shares.
According to a press release, AAOI expects to exchange approximately $80 million principal amount of its 5.25% Convertible Senior Notes due 2026 for a combination of new Convertible Senior Notes due 2030, shares of common stock, and cash. The 2030 Notes will be senior unsecured obligations, and the company plans to settle future conversions through cash, shares, or a combination.
Concurrently with the debt exchange, AAOI also filed a registration statement for a direct offering of common shares. The proceeds from the stock offering are intended for general corporate purposes, including potential acquisitions, capital expenditures, and working capital needs.
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