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Oaktree agrees to extend lock-up of Infinera shares (in relation to Coriant acquisition)

Date Announced: 04 Mar 2019

Sunnyvale, Calif. – Infinera today announced that funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have agreed to extend the expiration of the lock-up of approximately 10.5 million shares of Infinera common stock received in consideration for the Coriant acquisition by twelve months until April 1, 2020.

“The acquisition has put Infinera in a strong market position with greater scale, an expanded solutions portfolio, and deeper relationships with leading network operators around the world,” said Matt Wilson, Co-Portfolio Manager at Oaktree. “We believe in the company’s ability to continue to successfully integrate the businesses, realize synergies, drive innovation and deliver material value for shareholders.”

“As we highlighted on our recent earnings call, the integration is going extremely well, customer response has been strong, and the business continues to perform in line with expectations,” said Tom Fallon, Infinera CEO. “We are pleased with the mutual decision to extend the lock-up period, which reflects the confidence that Oaktree and the Infinera executive team have in the business and our ability to continue executing our long-term growth strategy.”

The Company and Oaktree also announced that a separate fund under Oaktree management purchased a small amount of Infinera’s convertible senior notes due 2024. The fund holding the convertible notes is separately managed from the Oaktree fund that is the former majority owner of Coriant and current holder of 21 million shares of Infinera common stock.

Contacts:
Media:
Anna Vue
Tel. +1 (916) 595-8157
avue@infinera.com

Investors:
Ted Moreau
Tel. +1 (408) 542-6205
tmoreau@infinera.com

About Infinera
Infinera (NASDAQ: INFN) is a global supplier of innovative networking solutions that enable carriers, cloud operators, governments and enterprises to scale network bandwidth, accelerate service innovation and automate network operations. The Infinera end-to-end packet-optical portfolio delivers industry-leading economics and performance in long-haul, subsea, data center interconnect and metro transport applications. To learn more about Infinera visit www.infinera.com, follow us on Twitter @Infinera and read our latest blog posts at www.infinera.com/blog.

 

Contact


Infinera Corporation
140 Caspian Court,
Sunnyvale, CA 94089
USA
Tel: +1 (408) 572-5200

E-mail: info@infinera.com

Web Site: www.infinera.com

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