Juniper Networks (NYSE: JNPR) today announced the pricing of $350 million aggregate principal amount of its 3.125% senior notes due 2019 (the "2019 notes") and $150 million aggregate principal amount of its 4.500% senior notes due 2024 (the "2024 notes"). The offering is expected to close on 26 February 2016, subject to the satisfaction of customary closing conditions.
The 2019 notes will mature on 26 February 2019 and bear interest at an annual rate of 3.125%. The 2024 notes will mature on 15 March 2024 and bear interest at an annual rate of 4.500%. The 2024 notes will be consolidated, form a single series and be fully fungible with Juniper's outstanding $350 million aggregate principal amount of 4.500% senior notes due 2024. After giving effect to the issuance of the 2024 notes, there will be $500 million aggregate principal amount of 4.500% senior notes due 2024 outstanding.
Juniper intends to use the net proceeds from this offering for general corporate purposes, which is expected to include repayment of $300 million aggregate principal amount of the company's outstanding 3.100% senior notes that mature on 15 March 2016, share repurchases and payment of dividends under its program to return capital to shareholders and funding for working capital, capital expenditures, other corporate expenses and acquisitions of products, technologies or businesses; however, the company does not currently have any agreements with respect to any such material acquisitions.
Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith and UBS Securities are acting as joint book-running managers for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The offering of notes is being made only by means of a prospectus supplement and an effective registration statement (including a prospectus) filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus may be obtained from Barclays Capital, c/o Broadridge Integrated Distribution Service, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (888) 603-5847 FREE; Citigroup Global Markets, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146 FREE; or JP Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533.
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Juniper Networks
Juniper Networks (NYSE: JNPR) delivers innovation across routing, switching and security. Juniper Networks' innovations in software, silicon and systems transform the experience and economics of networking.
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This press release contains forward-looking statements within the meaning of the federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Juniper will consummate the offering, and the anticipated use of the proceeds of the offering which could change as a result of market conditions or for other reasons, interest rates and corporate considerations and the impact of general economic, industry or political conditions in the United States or internationally, and other factors listed in Juniper Networks' most recent report on Form 10-K filed with the Securities and Exchange Commission, the preliminary prospectus supplement relating to the proposed offering filed with the Securities and Exchange Commission and other reports Juniper Networks files with the Securities and Exchange Commission. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release, except as required by applicable law.
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