Network test, monitoring and assurance solutions provider Viavi Solutions Inc. (VIAV) recently announced the pricing of $400 million 3.750% senior unsecured notes due 2029. The notes will be guaranteed by the domestic restricted subsidiaries of the company.
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Following the news, shares of the company declined marginally to close at $15.67 in extended trade on Friday.
Interest on the notes will be paid semi-annually on April 1 and October 1 of each year from April 1, 2022, at 3.75% per year. The notes will mature on October 1, 2029. The company expects net proceeds to be about $393 million from the note issuance. (See Viavi stock chart on TipRanks)
Last month, Susquehanna analyst Mehdi Hosseini reiterated a Buy rating on the stock with a price target of $20. The analyst’s price target implies upside potential of 27.6%.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 2 Holds. The average Viavi price target of $20.20 implies that the stock has upside potential of 28.9% from current levels.
Viavi scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 31.6% over the past year.
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