Ciena Corporation’s $693 Million Refinancing Term Loan Facility

Davis Polk advised Bank of America, N.A., acting as sole lead arranger and bookrunner, and as administrative agent and refinancing term lender.

Ciena maintained an existing senior secured term loan with an outstanding aggregate principal amount of $693 million as of January 23, 2020 and maturing on September 28, 2025.

The proceeds of the refinancing term loan facility were used by Ciena to refinance the aggregate principal amount outstanding under its existing first-lien term loan facility.

Ciena is an international provider of strategic network solutions. It enables high-scale, programmable infrastructure that can be controlled and adapted by network-level applications and provides open interfaces to coordinate computing, storage and network resources in a unified, virtualized environment to clients across the globe.

The Davis Polk finance team included partner Monica Holland (Picture), counsel Darren Mahone and associate Matthew J. Wiener.

Involved fees earner: Monica Holland – Davis Polk & Wardwell; Darren Mahone – Davis Polk & Wardwell; Matthew Wiener – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America;

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Author: Ambrogio Visconti