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Oclaro to exchange all convertible debts

: The exchange of this debt to equity is a move in Oclaro's recent restructuring efforts
Oclaro, Inc., a provider and innovator of optical communications, has announced that holders of all $25 million in aggregate principal amount of the 7.5 percent Exchangeable Senior Secured Second Lien notes due 2018 have exercised their right to exchange their notes for shares of the company's common stock.

"This transaction is another indicator of our recovery as we position Oclaro for a healthy future," said Greg Dougherty, CEO, Oclaro. "The exchange of this debt to equity is another milestone in Oclaro's recent restructuring efforts. It reinforces to our customers, employees and shareholders that we are executing on efforts to improve our balance sheet, which is now largely debt-free."

The exchange rate for the exchanges was 541.7118 shares of common stock per $1,000 in principal amount of notes, equivalent to an exchange price of approximately $1.846 per share. 

Accordingly, the company will issue 13,542,791 shares of common stock in connection with the exchanges, with cash payable in lieu of fractional shares.

In addition, pursuant to the terms of the indenture governing the notes, the exchanging holders were entitled to interest make-whole premium in connection with the exchanges, which totalled approximately $8.3 million in the aggregate.

As of December 24th, 2013, no notes will remain outstanding.



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