Client Relationship
Infinera Corporation

Infinera
Corporation

Infinera manufactures optical communications equipment, using photonic integrated circuits to create digital optical networks for carriers, data service providers, and cable operators. HudsonWest advised Infinera across two convertible note transactions — a $373.75MM new issue and concurrent repurchase in 2022, followed by a $100MM reopening and concurrent repurchase in 2023. Infinera was acquired by Nokia in 2025.

2
Mandates
completed
$473mm+
Total new
capital raised
$2.3bn
Infinera acquired
by Nokia
Transaction History

Creative structuring
to refinance a near-term maturity

Aug
2022
1st mandate
144A New Issue & Concurrent Repurchase
$373.75MM 3.75% CB due 2028 + $300MM Concurrent Repurchase of 2024 convertible senior notes

With Infinera's 2024 convertible maturity approaching, HudsonWest advised Infinera on a 144A new issue and repurchase strategy, leaving the existing capped call in place. HudsonWest, in partnership with Infinera's left lead bank, wall-crossed the top holders and helped negotiate terms of both legs. Infinera retired $300MM of its 2024s at a 5.5-point discount to par — the new deal was upsized from $275MM and the greenshoe fully exercised, raising an incremental ~$80MM.

$373mm
Case Study
June
2023
2nd mandate
Note Reopening & Concurrent Repurchase
$100MM Reopening of 2028s + $83.9MM Concurrent Repurchase of Remaining 2024s

With ~$100MM of 2024s remaining and about to become current liabilities, HudsonWest recommended reopening the 2028 notes to fund the repurchase. HudsonWest wall-crossed the top 2024 holders, negotiated the repurchase premium and new issue concession and structured the transaction over a 20-day VWAP period to minimize stock price impact — cleanly retiring most of Infinera’s remaining 2024 maturity.

$100mm
Case Study
The Relationship

A successful two-step
refinancing exercise

Infinera first engaged HudsonWest in August 2022 as its $402.5MM 2024 convertible approached maturity. HudsonWest designed a 144A new issue and concurrent repurchase strategy that retired $300MM of the 2024s at a meaningful discount to par.

Nearly a year later, with ~$100MM of 2024s still outstanding and approaching current liability status, HudsonWest proposed a creative reopening of the 2028 notes.

Across both mandates, HudsonWest’s deep buyside relationships and technical structuring expertise delivered company-friendly terms at every step — addressing the 2024 maturity while extending Infinera’s debt profile to 2028.

Client Since
2022
Total Mandates
2
Transaction Types
144A New Issue,
Note Reopening
Sector
Optical Communications
Equipment
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