🔴 LITE is trading 5.2% down today after announcing a $650M debt-for-equity exchange

LITE is trading 5.2% down at approximately $811 in pre-market action after announcing a large convertible debt-for-equity exchange.

• Lumentum agreed to swap roughly $650.4 million of its 0.50% Convertible Senior Notes due 2028 for equity.
• The major balance-sheet restructuring is pressuring shares despite the company's strong recent performance and a still-bullish analyst backdrop.