Telecoms ♦ news digest
InP PIC manufacturer Infinera announces $135 million offering
Holders may require Infinera to repurchase their Notes at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the repurchase date
Infinera Corporation has announced the pricing of an offering of $135 million aggregate principal amount of its 1.75 percent convertible senior notes due 2018 (the ‘Notes’).
The Notes are being offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ‘Act’).
Infinera has granted the initial purchasers a 30-day option to purchase up to an additional $15 million aggregate principal amount of the Notes on the same terms and conditions to cover overallotments, if any. Interest on the Notes will be paid semi-annually at a rate of 1.75percent per year, and the Notes will mature on June 1st, 2018, unless earlier repurchased or converted.
Holders may require Infinera to repurchase their Notes upon a fundamental change at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the repurchase date. Infinera may not redeem the Notes prior to maturity.
The Notes will be convertible, subject to the satisfaction of certain conditions, into cash, shares of Infinera common stock or a combination thereof, at Infinera’s option. The initial conversion rate per $1,000 principal amount of Notes is equivalent to 79.4834 shares of common stock, which is equivalent to a conversion price of approximately $12.58 per share of common stock, subject to adjustment in certain circumstances. This initial conversion price represents a premium of 37.5 percent relative to the last reported sale price on May 23rd, 2013 of Infinera’s common stock of $9.15.
Infinera expects to use the net proceeds of the offering for general corporate purposes, including working capital and potential strategic projects.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
The Notes and the shares of common stock issuable upon conversion of the Notes, if any, will not be
June 2013
www.compoundsemiconductor.net 101
registered under the Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Act and applicable state laws.
GCS develops two InGaP HBT foundry processes
firm has launched a couple of indium gallium phosphide processes to address the VCO for point-to-point and 12V PA for small cell PA infrastructure markets
Global Communication Semiconductors, LLC. (GCS), a pure-play III-V compound semiconductor wafer foundry, has unveiled proprietary InGaP HBT D5 and P7 foundry processes.
“The D5 InGaP HBT process offers an advantage of a wider (2 x) frequency tuning range, in addition to maintaining the super low phase noise performance offered by our already successful D1 VCO process,” comments Brian Ann, Chief Executive Officer of GCS.
“P7 InGaP HBT process, with a BVceo of 28v, was developed to address the small cell base station infrastructure PA requirement of 12V operation. The process can be used to develop linear PA with an output power of 1, 2, 4, 8, 10W,
etc.As an example, a 2W PA has demonstrated a power density of 0.917mW/um2 with a power added efficiency of over 65percent. These two new processes expand our InGaP HBT process portfolio to a total of seven processes which are sufficient to address any wireless infrastructure PA and VCO requirements,” continues Brian Ann.
Oxford Instruments hosts Asian seminars in the Far East
The talks included GaN-on-silicon, HB-LED, SiC and III-V developments
Oxford Instruments Plasma Technology has just completed its series of Asian seminars in Beijing, China and Hsinchu, Taiwan, attracting a record total attendance of over 250 people.
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