Ciena Corporation (NYSE:CIEN) is one of the best hot stocks to buy for June.
On June 9, Ciena Corporation (NYSE:CIEN) priced a private offering of $2.5 billion 0.00% convertible senior notes due 2031
It is a significant increase from a previously announced $2 billion offering. EvgeniiAnd/ The company has since granted an initial purchase option to purchase an additional $375 million of notes within 13 days of issuance. The offering should close on June 11, subject to customary closing conditions.
Ciena Corporation intends to use $100 million of net proceeds from the $2.5 billion offering to pay net costs of convertible note hedge transactions. About $140 million is to be used to repurchase 0.3 million shares of common stock at $466.67 per share. On the other hand, $1.14 billion of net proceeds is to be used to repay amounts under the term loan and related fees.