Applied Optoelectronics (AAOI) said Thursday it entered into transactions with noteholders to exchange $76.7 million of 5.25% convertible senior notes due 2026 for a combination of convertible senior notes due 2030 and common shares.
The maker of fiber optic cables said the initial conversion rate will be about 23.1 shares per $1,000 principal amount of 2030 notes, equal to an initial conversion price of $43.31 per share, which is a 27.5% premium relative to the stock's last closing price.
The exchange offer will also include a cash component representing accrued interest on notes due 2026 and the value of any fractional shares, according to the company.
Applied Optoelectronics expects to close the offering on or about Monday with final terms of the exchanges to be disclosed at pricing.
Shares of the company were down 1.5% in recent trading.
Price: 33.48, Change: -0.49, Percent Change: -1.45
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