Finisar Announces New Credit Facility With Wells Fargo Foothill

SUNNYVALE, CA, Oct 05 (MARKET WIRE) --
Finisar Corporation (NASDAQ: FNSRD), a technology leader in gigabit fiber
optic solutions for high-speed data networks, today announced that it had
entered into an agreement with Wells Fargo Foothill, a leading provider
of senior secured financing and part of Wells Fargo & Company (NYSE:
WFC), to establish a new senior secured revolving credit facility to
finance working capital and to refinance existing indebtedness, including
the repurchase of a portion of the Company's outstanding convertible
notes due October 2010.

The new credit facility provides for a $70 million revolving line of
credit and includes a $10 million letter of credit sub-facility.
Borrowings under the credit facility will bear interest at rates based on
the prime rate and LIBOR plus variable margins, under which applicable
interest rates currently range from 5.75% to 6.25% per annum. Borrowings
will be guaranteed by Finisar's U.S. subsidiaries and secured by
substantially all of the assets of Finisar and its U.S. subsidiaries. The
credit facility matures four years following the closing date, subject to
certain conditions.

The Company's ability to borrow under the credit facility is tied to the
balance of its qualified accounts receivable and certain assets located in
the United States. The credit facility also contains both affirmative and
negative covenants, including covenants requiring Finisar to maintain a
specified fixed charge coverage ratio.

The credit facility remains subject to various closing conditions. These
conditions are expected to be satisfied, and the closing is expected to
take place, by the end of October 2009. Once in place, the new credit
facility will replace Finisar's existing $45 million credit facility with
another bank.

ABOUT FINISAR

Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber
optic subsystems and network test systems that enable high-speed voice,
video and data communications for networking, storage, wireless, and cable
TV applications. For more than 20 years, Finisar has provided critical
optics technologies to system manufacturers to meet the increasing demands
for network bandwidth and storage. Finisar is headquartered in Sunnyvale,
California, USA with R&D, manufacturing sites, and sales offices
worldwide. For additional information, visit www.finisar.com.

ABOUT WELLS FARGO FOOTHILL

Wells Fargo Foothill is a leading provider of senior secured financing to
middle-market companies across the United States and Canada, offering
flexible, innovative credit facilities from $10 million to $1 billion and
more. It is part of Wells Fargo & Company, a diversified financial
services company with $1.3 trillion in assets, providing banking,
insurance, investments, mortgage and consumer finance through more than
10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across
North American and internationally.

Contact:
Steve Workman
Chief Financial Officer
408-548-1000

Investor Relations
408-542-5050
investor.relations@Finisar.com

Copyright 2009, Market Wire, All rights reserved.

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