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Technology Stocks : ONI Systems Corp. (ONIS) -- Ignore unavailable to you. Want to Upgrade?

To: Daniel Simon who wrote (207)	2/22/2002 10:29:35 AM
From: Labrador	Respond to of 227

There goes a part of Ciena's cash. But Ciena does have about $1.5 billion of cash and short-term investments. Ciena Sees Convertible Note Redemption Costing Up To $178 Million Dow Jones Business News, Thursday, February 21, 2002 at 17:49 WASHINGTON -(Dow Jones)- Ciena Corp. (CIEN) said it may have to spend up to $ 178 million on April 30 to repurchase the 4.5% convertible notes of its subsidiary Cyras Systems LLC. According to the company's quarterly filing released late Thursday by the Securities and Exchange Commission, holders of the notes can elect to convert them into Ciena common stock before March 31. "At our current stock price, it appears more likely that the holders of the Cyras notes will not elect to convert them into our common stock before March 31, 2002," Ciena said in its filing. "As a result, it is probable that we will have to make an offer to repurchase the notes at 118.942% of their principal balance on April 30, 2002." If all of the note holders accept that offer, Ciena will have to spend about $178 million of its cash and cash equivalents for the repurchase. Ciena, Linthicum, Md., makes optical networking systems. -By Dan Lowrey, Dow Jones Newswires; 202-393-7402; dan.lowrey@dowjones.com (This story was originally published by Dow Jones Newswires)