June 2023
Case Study

Infinera
Corporation

Infinera is a manufacturer of optical communications equipment, using photonic integrated circuits to create digital optical networks marketed to carriers, data service providers, and cable operators. Infinera was acquired by Nokia in 2025.

Transaction Terms
Transaction
Reopening of $100MM of 3.75% Convertible Senior Notes due 2028
Concurrent Repurchase
$83.9MM of 2.125% Convertible Senior Notes due 2024
Execution
Private exchange; 20-day VWAP averaging period
$100MM
Reopening of existing
2028 convertible notes
$83.9MM
Of remaining 2024s
concurrently repurchased
95%+
of 2024s repurchased in total
Situation Overview

Addressing the remaining
2024 convertible

In August 2022, HudsonWest advised Infinera on the refinancing of approximately 75% of its 2024 convertible senior notes through the issuance of $373.75MM of new 2028 convertible bonds. With the remaining approximately $100MM of 2024s about to become current liabilities, Infinera considered various options to extend maturity while managing interest expense.

HudsonWest’s Role

A creative reopening
structure

01
Reopening Recommendation

Given the size of the remaining liability, HudsonWest recommended Infinera reopen its 2028 convertible notes to raise proceeds to repurchase the remaining 2024s — a more efficient approach than a full new issuance for a $100MM transaction.

02
Wall-Cross Negotiation

HudsonWest wall-crossed the top 2024 holders, negotiating the terms of the repurchase premium on the 2024s and new issue concession on the 2028s simultaneously.

03
VWAP Pricing to Reduce Hedging Impact

To reduce stock price impact, the final price of the repurchase and new issue was determined over a 20-day VWAP period, smoothing execution and avoiding point-in-time market risk.

04
Creative Legal Structuring

HudsonWest worked closely with the company's legal and tax advisors to creatively structure the reopening in an efficient manner, navigating the technical requirements of re-opening an existing indenture and setting price over a forward-looking period.

Other Infinera Transactions
August 2022
$373.75MM 3.75% CB due 2028 + $300MM Concurrent Repurchase
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