Cyan Plans To Offer $50 Mln Of Convertible Senior Secured Notes & Warrants

(RTTNews) - Cyan, Inc. (CYNI), a provider of software-defined networking and packet-optical solutions for network operators, plans to offer $50 million aggregate principal amount of Convertible Senior Secured Notes due 2019 and related warrants to purchase common shares of the company to qualified institutional buyers and accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended.

In relation with the offering, the firm has the option to issue up to an additional $10 million in aggregate principal amount of notes and related warrants within 13 days of the original issuance date. The warrants will expire on December 15, 2017 and will be exercisable on or after January 15, 2016. Unless the firm receives stockholder approval to issue additional shares, the warrants will be cash settled.

Certain existing stockholders and officers have expressed an interest in purchasing nearly $15 million of notes and related warrants. The company said it may not redeem the notes prior to December 20, 2017.