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Brocade Sets $300M Notes Offer

Light Reading
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Light Reading
1/16/2013
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SAN JOSE, Calif. -- Brocade® (NASDAQ: BRCD) announced today that it intends to offer, subject to market and other conditions, up to $300 million in aggregate principal amount of senior notes due 2023. The notes will be offered in a private placement to "qualified institutional buyers" in the United States as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act. The notes will be senior obligations of the company and will be guaranteed by certain of the company's domestic subsidiaries. Brocade intends to use the net proceeds of the offering, together with cash on hand, to redeem all of Brocade's outstanding 6.625% senior secured notes due 2018, including the payment of accrued and unpaid interest on the 2018 notes to but excluding the date of redemption and the applicable "make-whole" premium and expenses associated with the redemption. Brocade Communications Systems Inc.

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