Data storage company Brocade Communications Systems Inc.(BRCD: Quote) announced its intention to offer up to $300 million in senior notes due 2023 in a private placement to “qualified institutional buyers” in the U.S., and outside the U.S. The notes would be senior obligations of the company and would be guaranteed by certain of the company’s domestic units.
The company plans to use the net proceeds, together with cash on hand, to redeem all of Brocade’s outstanding 6.625% senior secured notes due 2018, including the payment of accrued and unpaid interest on the 2018 notes to but excluding the date of redemption and the applicable “make-whole” premium and expenses associated with the redemption.
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by RTT Staff Writer
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