Ciena Announces $250 Million Accelerated Share Repurchase Agreement
14 Dezembro 2021 - 11:00AM
Business Wire
Ciena Corporation (NYSE: CIEN) (the “Company”) today announced
that it has entered into an accelerated share repurchase (ASR)
agreement with Goldman Sachs & Co. LLC (“Goldman”) to
repurchase $250.0 million of the Company’s common stock as part of
the Company’s previously announced $1.0 billion share repurchase
program. The Company expects to fund the ASR from cash on hand and
cash generated from operations.
Under the ASR agreement, the Company will make a payment of
$250.0 million to Goldman, and will receive an initial share
delivery of approximately 2.7 million shares from Goldman,
representing approximately 80% of the expected share repurchases
under the ASR agreement, based on the closing price of the common
stock of $74.12 on December 13, 2021. The final number of shares of
common stock to ultimately be purchased by the Company under the
ASR agreement will be based generally on the average of the daily
volume-weighted average prices of the common stock during the term
of the transaction, less a discount and subject to adjustments
pursuant to the terms and conditions of the ASR agreement. Final
settlement of the transactions under the ASR agreement is expected
to occur during the fiscal quarter ending April 30, 2022.
About Ciena
Ciena (NYSE: CIEN) is a networking systems, services and
software company. We provide solutions that help our customers
create the Adaptive Network™ in response to the constantly changing
demands of their end-users. By delivering best-in-class networking
technology through high-touch consultative relationships, we build
the world’s most agile networks with automation, openness and
scale. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn,
the Ciena Insights blog, or visit http://www.ciena.com/.
Note to Ciena Investors
You are encouraged to review the Investors section of our
website, where we routinely post press releases, SEC filings,
recent news, financial results, and other announcements. From time
to time we exclusively post material information to this website
along with other disclosure channels that we use. This press
release contains certain forward-looking statements that are based
on our current expectations, forecasts, information and
assumptions, including statements about the expected completion
date of the ASR and expected numbers of shares to be delivered
under the ASR agreement. These statements involve inherent risks
and uncertainties. Actual results or outcomes may differ materially
from those stated or implied, because of risks and uncertainties,
including that we cannot guarantee that share repurchases will
enhance long-term stockholder value, and that share repurchases
could increase the volatility of the price of our stock and
diminish our cash reserves, and those risks and uncertainties
detailed in our most recent annual and quarterly reports filed with
the SEC. Forward-looking statements include statements regarding
our expectations, beliefs, intentions or strategies and can be
identified by words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," "will," and
"would" or similar words. Ciena assumes no obligation to update the
information included in this press release, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211214005446/en/
Press: Jamie Moody Ciena Corporation +1 (214) 995-8035
pr@ciena.com
Investor: Gregg Lampf Ciena Corporation +1 (410) 694-5700
ir@ciena.com
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