🟢 Lumentum Holdings Inc surges 12.1% after announcing $650M debt-for-equity exchange

Lumentum Holdings Inc is trading 12.1% up today at $1014.76, reacting positively to a major balance sheet restructuring announced on June 1.

• The company entered into a privately negotiated agreement to exchange approximately $650.4 million of its 0.50% Convertible Senior Notes due 2028 for about 5.0 million shares of its common stock.
• This move retires a large portion of its convertible debt, which investors are viewing favorably despite the share dilution. The transaction is expected to close on or about June 4, 2026.