JDS Uniphase (NASDAQ:VIAV) is making a fresh attempt to raise some capital. The company announced it will offer up to $575 million principal amount of senior convertible notes. These will mature in 2033, and be distributed in a private offering to "qualified institutional buyers." The firm said it expects to grant the initial buyers a 30-day option to purchase up to $75 million additional principal amount in notes.

The interest rate, initial conversion rate, and certain terms of the notes will be determined through discussions between JDS Uniphase and the purchasers.

The firm intends to use up to $100 million of the net amount raised in the issue to buy back shares of its common stock. It also intends to utilize the proceeds to retire its $250 million revolving credit facility. The remaining monies will be utilized for "general corporate purposes, including potential strategic transactions."

Currently, JDS Uniphase has a little more than 236.5 million shares outstanding, and its stock most recently closed at $13.45 per share.

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