Ciena Corp is trading 5.3% down at $442.06 after announcing an upsized $2.5 billion zero-coupon convertible notes offering due 2031, which is pressuring shares through potential dilution and arbitrage trading.
- The offering was increased from an initial $2 billion and includes $140 million to repurchase stock at $466.67 per share.
- Approximately $1.14 billion of the proceeds will be used to repay term-loan debt, following a recent post-earnings selloff despite the company raising its FY2026 guidance.