Lumentum rises after $1.1 billion convertible bonds offering

Optical and photonic products maker Lumentum's LITE.O shares rise 3% to $138.27

LITE announces pricing of $1.1 billion convertible bonds due 2032 in private placement

Initial conversion price of $187.77 per share represents nearly 40% premium over last reported sale price

Proceeds from offering will be used to repurchase portion of 0.50% convertible bonds due 2026 and to pay cost of capped calls, derivative transactions employed to offset dilution

Fifteen of 19 brokerages rate stock "buy" or higher and four "hold"; median PT $140 - data compiled by LSEG

As of last close, LITE stock up 59.8% YTD