Oclaro (OCLR -7.1%) is having a bad day after providing details about its recently-closed...

|By:, SA News Editor

Oclaro (OCLR -7.1%) is having a bad day after providing details about its recently-closed offering of 7.5% convertible notes due 2018. The notes are accompanied by an indenture that limits Oclaro's ability to raise more debt, pay dividends, redeem junior debt, or buy back stock, among other things, and place major restrictions on Oclaro's ability to redeem the notes before they come due.