Juniper Networks Prices $350 Million Senior Notes Offering and Executes $1.2 Billion Accelerated Share Repurchase Program
|Juniper Networks Prices $ 350 Million Senior Notes Offering and Executes $ 1.2 Billion Accelerated Share Repurchase Program|
SUNNYVALE, CA–(Marketwired – Feb 27, 2014) – Juniper Networks (
The Notes will mature on March 15, 2024 and bear interest at an annual rate of 4.500%.
Standard & Poor’s has assigned a “BBB” corporate credit rating to Juniper Networks and the proposed offering of the Notes with a stable outlook. Moody’s Investors Service has assigned a “Baa2” rating to Juniper and the proposed offering of the Notes with a stable outlook.
Juniper intends to use the net proceeds from this offering for general corporate purposes, which may include share repurchases, 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. Today, Juniper entered into separate accelerated share repurchase (ASR) agreements with Barclays Bank PLC and Goldman, Sachs & Co. to repurchase an aggregate of $ 1.2 billion of its common stock as part of Juniper’s capital allocation plan announced on February 20, 2014. Juniper intends to use its cash on hand to fund its obligations under the ASR agreements.
Barclays Capital Inc. and Goldman, Sachs & Co. are acting as joint book-running managers.
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 the 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 Inc., c/o Broadridge Integrated Distribution Service, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (888) 603-5847; or Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282 or by calling (866) 471-2526 or by facsimile (212) 902-9316.
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