Davis Polk advised the dealer manager on Ciena Corporation’s offer to exchange up to $350 million aggregate principal amount at maturity of outstanding 3.75% convertible senior notes due 2018 for a new series of 3.75% convertible senior notes due 2018 plus an exchange fee. The new notes give Ciena the option, at its election, to settle conversions of such notes for cash, shares of its common stock or a combination of cash and shares. Except with respect to the additional cash settlement options upon conversion, the new notes will be issued on substantially the same terms as the outstanding notes.

Based in Hanover, Maryland, Ciena Corporation is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.

The Davis Polk capital markets team included partner Deanna L. Kirkpatrick and associates Donald Shum and Yoojin L. Kim. The equity derivatives team included partner Ray Ibrahim and associates Katharine O’Banion and Jenny Ge. The tax team included partner Michael Farber and associate Gil Savir. All members of the Davis Polk team are based in the New York office.

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