SAN JOSE, Calif. (AP) — Brocade Communications Systems Inc. said Thursday it has priced $600 in new bonds that it plans to sell in a private offering.
The network equipment maker said it will sell $300 million in 6.625 percent notes due in 2018 at 99.239 percent of the principal. It is offering another $300 million in 6.875 percent notes due in 2020 at 99.114 percent of the principal.
It expects to close the offering on Jan. 20.
On Mon day, Moody’s Investors Service raised Brocade’s credit outlook to “Positive,” up from “Stable.” It also affirmed Brocade’s “Ba3” rating, which is considered non-investment grade.
The company has recently fended off speculation that is seeking a buyer.
Brocade shares fell 3 cents to $7.92 Thursday.
