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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Douglas Nordgren who wrote (3537)	9/10/2001 6:48:42 PM
From: J Fieb	Read Replies (2) \| Respond to of 4808

FNSR to raise more money. Convertibles. That should keep FNSR price form going too far....200million. What are they shopping for? Finisar says to sell $200 mln convertible notes SUNNYVALE, Calif., Sept 10 (Reuters) - Finisar Corp. (NasdaqNM:FNSR - news), which makes parts for networking and storage equipment, said on Monday it plans this month to privately sell $200 million of seven-year convertible subordinated notes. The Sunnyvale, California-based company said it intends to use net proceeds for general corporate purposes, including working capital. It said it may sell another $30 million of notes if there is enough demand. A convertible bond is a stock-bond hybrid that usually offers current income, can be converted into company stock and whose fortune is closely tied to the underlying stock price. Shares of Finisar, which announced its sale after the close of U.S. markets, ended Monday on the Nasdaq at $8.25, down 45 cents, or 5.2 percent. Shares often fall when a company sells convertible bonds because some investors sell the underlying stock short, and the bonds may dilute the stock. Neither Moody's Investors Service nor Standard & Poor's has rated Finisar's debt, according to the rating agencies' respective Web sites. Finisar shares' 52-week closing high is $48.38, set last Sept. 29. Their 52-week closing low is $6.75, set on April 6.