Ciena Corporation (NYSE: CIEN) (the “Company”) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs  & Co. LLC (“Goldman”) to repurchase $250.0 million of the Company’s common  stock as part of the Company’s previously announced $1.0 billion share  repurchase program. The Company expects to fund the ASR from cash on hand and  cash generated from operations.

Under the ASR agreement, the Company will make a  payment of $250.0 million to Goldman, and will receive an initial share  delivery of approximately 2.7 million shares from Goldman, representing  approximately 80% of the expected share repurchases under the ASR agreement, based on the closing price of the common stock of $74.12 on December 13, 2021. The final number of shares of common stock to ultimately be purchased by the Company under the ASR agreement will be based generally on the average of the  daily volume-weighted average prices of the common stock during the term of the  transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreement. Final settlement of the transactions under the ASR agreement is expected to occur during the fiscal quarter ending April  30, 2022.

About Ciena
Ciena (NYSE: CIEN) is a networking systems, services and software company. We provide solutions that help our customers create the Adaptive NetworkTM in response to the constantly changing demands of their end-users. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com.

Note to Ciena Investors
You are encouraged to  review the Investors section of our website, where we routinely post press  releases, SEC filings, recent news, financial results, and other announcements.  From time to time we exclusively post material  information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that are based  on our current expectations, forecasts, information and assumptions, including  statements about the expected completion date of the ASR and expected numbers of shares to be delivered under the ASR agreement. These statements involve  inherent risks and uncertainties. Actual results or outcomes may differ  materially from those stated or implied, because of risks and uncertainties, including that we cannot guarantee that share repurchases will enhance  long-term stockholder value, and that share repurchases could increase the  volatility of the price of our stock and diminish our cash reserves, and those  risks and uncertainties detailed in our most recent annual and quarterly  reports filed with the SEC. Forward-looking statements include statements  regarding our  expectations, beliefs,  intentions or strategies and can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.