JDSU Raising Scratch

The stock slides 3% after the company sets a convertible debt offer.
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JDSU (JDSU) shares tumbled 3% on word that the company will raise $375 million through a sale of convertible bonds.

The San Jose, Calif., optical networking-parts maker says it will sell senior convertible notes due in 2026 and use the proceeds "for general corporate purposes, which may include the repayment of existing debt."

Last week, the company

posted another loss and lowered sales guidance for the current quarter below prior-quarter levels. The company had $327 million in cash and cash equivalents as of March 31, and total debt was $468 million.

JDSU shares dropped 4 cents in regular trading and fell another 12 cents, to $3.27, in the after-hours session Wednesday.