FINISAR CP
			Symbol			FNSR

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Finisar Announces the Pricing and an Increase in Size of Its $90 Million Convertible Senior Notes Offering

2009-10-09 07:30 ET - News Release

SUNNYVALE, CA -- (MARKET WIRE) -- 10/09/09

Finisar Corporation (NASDAQ: FNSRD) today announced the pricing of its offering of 5.0% Convertible Senior Notes due 2029 and an increase in the size of the offering from $75 million to $90 million aggregate principal amount of the notes. The notes are being offered and sold to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Securities Act"). The offering is expected to close on October 14, 2009, subject to satisfaction of customary closing conditions. Finisar also granted to the initial purchaser of the notes an option to purchase up to an additional $10 million aggregate principal amount of the notes solely to cover over-allotments.

The notes will be unsecured and unsubordinated obligations of Finisar, and will rank equally in right of payment with Finisar's other unsecured and unsubordinated indebtedness, but will be effectively subordinated to any secured indebtedness and liabilities to the extent of the value of the collateral securing those obligations, and structurally subordinated to the indebtedness and other liabilities of Finisar's subsidiaries. The notes will mature on October 15, 2029, unless earlier repurchased, redeemed or converted. Interest will be payable semi-annually at a rate of 5.0% per annum on each April 15 and October 15, beginning April 15, 2010. The notes will be convertible into shares of Finisar's common stock at an initial conversion rate of 93.6768 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $10.68 per share), subject to adjustment upon occurrence of certain events and unless Finisar obtains consent from a majority of holders to deliver cash or a combination of cash and shares of its common stock in satisfaction of its conversion obligation. The initial conversion price represents a conversion premium of approximately 25% relative to $8.54, which was the last reported sale price of Finisar's common stock on the Nasdaq Global Select Market on October 8, 2009.

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