SUNNYVALE, CA--(Marketwired - Feb 27, 2014) - Juniper Networks (NYSE: JNPR) today announced that it intends to offer, subject to market and other conditions, $350 million in aggregate principal amount of senior notes due 2024 (the "Notes") under a shelf registration statement on file with the Securities and Exchange Commission. The interest rate and other terms of the Notes are to be determined by negotiations between Juniper and the underwriters.
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. In addition, Juniper intends to use $1.2 billion of its cash on hand to repurchase shares of its common stock under an accelerated share repurchase program to be initiated pursuant to Juniper's capital allocation plan announced on February 20, 2014.
Barclays Capital Inc. and Goldman, Sachs & Co. 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; 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.
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.
Safe Harbor
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 offer the Notes or consummate the offering, the final terms of the offering, prevailing market conditions, the anticipated principal amount of the Notes which could differ based upon market conditions, 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.