US vendor Juniper Networks has priced US$350m of 4.5% senior notes due 2024.
The company said it may use the proceeds to acquire products, technologies or businesses, or that it could instead be used for share repurchases, capital expenditure or working…
US vendor Juniper Networks has priced US$350m of 4.5% senior notes due 2024.
The company said it may use the proceeds to acquire products, technologies or businesses, or that it could instead be used for share repurchases, capital expenditure or working capital.
Barclays and Goldman Sachs acted as joint bookrunning managers on the offering, which is set to close on 4 March.
Juniper also entered into an accelerated share repurchase agreement with Barclays and Goldman to buy back US$1.2bn of its common stock as part of Juniper’s capital allocation plan.
Last week Juniper announced an aggressive capital return plan to send back a minimum of US$3bn of capital to shareholders over the next three years, including more than US$2bn in share repurchases through to the first quarter of 2015.
That move followed pressure from activist investor Elliott Management Corp, which holds 6.2% of the networking business. Juniper also said it planned to shift its strategic focus to the “highest growth opportunities in networking as customers migrate to High-IQ Networks and best-in-class cloud environments — where Juniper excels”.