Lumentum swaps 2026 and 2029 convertible notes for about 5.7M shares

Lumentum agreed on April 7, 2026 to exchange about $264.8 million of its 0.50% notes due 2026 and about $209.8 million of its 1.50% notes due 2029 for roughly 5.7 million common shares. The company receives no cash, and the deal adds about 0.6 million shares of dilution related to principal. The exchanges were expected to close on or about April 13, 2026. Traders treat such swaps as a way to clear debt and convert holder upside into equity.

• About $264.8M of 0.50% notes due 2026 exchanged.
• About $209.8M of 1.50% notes due 2029 exchanged.
• About 5.7M common shares delivered; incremental dilution about 0.6M shares related to principal.
• No cash proceeds; expected closing on or about April 13, 2026.