After the market closed Tuesday, Infinera (NASDAQ: INFN) announced that it plans to raise funds by selling new convertible debt notes. The market responded on Wednesday by punishing the communications equipment specialist. As of noon ET, its share price was down roughly by 20%.

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Infinera intends to offer $275 million in convertible senior notes that will come due in 2028. The initial purchaser of the notes will also have an option to buy up to $41.25 million in principal notes within 13 days of their initial purchase.

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Source Fool.com