Optoelectronic chip and module maker JDSU of Milpitas, CA, USA has announced that holders of its 1% senior convertible notes due 2026 (CUSIP No. 46612J AD 3) have the right to surrender their notes for purchase by JDSU pursuant to their option (the put option) under the indenture governing the notes, dated as of 17 May 2006.
The put option entitles each holder of the notes to require JDSU to purchase all or any part of the holder’s notes at a repurchase price equal to 100% of the principal amount of the notes plus accrued and unpaid interest up to the repurchase date. Pursuant to the terms of the indenture, on 15 May 2013 JDSU will pay the semi-annual interest due on the notes through 14 May 2013, to holders of record on 1 May of all notes in the usual manner regardless of whether the put option is exercised. Interest on all notes that are repurchased will cease to accrue interest on and after 15 May.
The opportunity to surrender notes for purchase pursuant to the put option expires at 5pm New York City time on 15 May. Holders may withdraw any notes previously surrendered for purchase at any time prior to that time.
To exercise the put option and receive the repurchase price, or withdraw notes previously surrendered, a holder must follow the procedures set forth in the Issuer Repurchase Notice, which is being mailed to all registered holders of notes.
