Juniper Networks Prices $600 Million Senior Notes Offering
Juniper Networks (NYSE:JNPR) announced the pricing of $300 million aggregate principal amount of its 3.300% senior notes due 2020 (the “2020 senior notes”) and $300 million aggregate principal amount of its 4.350% senior notes due 2025 (the “2025 senior notes” and, together with the 2020 senior notes, the “notes”). The offering is expected to close on March 4, 2015, subject to the satisfaction of customary closing conditions.
The 2020 senior notes will mature on June 15, 2020 and bear interest at an annual rate of 3.300%. The 2025 senior notes will mature on June 15, 2025 and bear interest at an annual rate of 4.350%.
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 negative outlook.
Juniper intends to use the net proceeds from this offering for general corporate purposes, which is expected to include share repurchases and payment of dividends under its program to return capital to shareholders and funding for 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.
Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.
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 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; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038 or by calling (800) 294-1322.
About Juniper Networks
Juniper Networks (NYSE:JNPR) delivers innovation across routing, switching and security. From the network core down to consumer devices, Juniper Networks’ innovations in software, silicon and systems transform the experience and economics of networking.
Juniper Networks and Junos are registered trademarks of Juniper Networks, Inc. in the United States and other countries. The Juniper Networks and Junos logos are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Juniper will consummate the offering, and the anticipated use of the proceeds of the offering which could change as a result of market conditions or for other reasons, interest rates and corporate considerations and the impact of general economic, industry or political conditions in the United States or internationally, and other factors listed in Juniper Networks’ most recent report on Form 10-K filed with the Securities and Exchange Commission, the preliminary prospectus supplement relating to the proposed offering filed with the Securities and Exchange Commission and other reports Juniper Networks files with the Securities and Exchange Commission. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release, except as required by applicable law.
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