MRV Communications (MRVC) opinions? Message Board

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Technology Stocks : MRV Communications (MRVC) opinions?

MRVC 9.975

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Aug 15 5:00 PM EST

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To: Renee Scherb who started this subject	6/2/2003 8:18:30 AM
From: rascalbythesea	Read Replies (2) of 42804

MRV Communications, Inc. Offers $23 Million Convertible Subordinated Notes CHATSWORTH, Calif., June 2 /PRNewswire-FirstCall/ -- MRV COMMUNICATIONS, INC. (Nasdaq: MRVC), today announced that it had agreed to sell 5-year senior convertible notes resulting in gross proceeds of $23 million, in a private offering to an institutional buyer. The agreement is subject to the satisfaction or waiver of usual conditions precedent. The notes will bear an interest rate of 5% per year and will have a fixed conversion price of $2.32, which is a 20% premium to the 10-day volume weighted average price. The company expects to use the net proceeds for general corporate purpose and working capital. Looks like Noam is issuing new converts to replace old ones with 2.32 conversion price. RASCAL

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