Brocade Communications Systems Inc. (BRCD: Quote) announced the pricing of its previously announced offering of $300 million in aggregate principal amount of 4.625% senior notes that will mature in 2023 at an issue price of 100% of the principal amount of the notes. The sale of the notes is expected to close on or about January 22, 2013.
The notes will be offered in a private placement to “qualified institutional buyers” in the U.S., and outside the U.S., and will be senior obligations of the company and will be guaranteed by certain of the company’s domestic units.
Brocade plans to use the net proceeds of the offering, 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 premium and expenses associated with the redemption.
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by RTT Staff Writer
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