Ciena Prices $300 Million in Convertible Senior Notes Due 2013.

LINTHICUM, Md. -- Ciena(R) Corporation (Nasdaq:CIEN), the network specialist, today announced that it has priced $300 million aggregate principal amount of its Convertible Senior Notes due 2013, pursuant to a registration statement filed with the Securities and Exchange Commission. In addition, the underwriter has been granted an option to purchase up to an additional $45 million aggregate principal amount of Notes from Ciena. The Notes will be senior unsecured obligations and will rank equally with all of Ciena's other existing and future senior unsecured debt. The Notes will bear interest at the rate of 0.250% per annum from April 4, 2006, payable semi-annually on May 1 and November 1, commencing on November 1, 2006.

The Notes may be converted prior to maturity (unless earlier repurchased or redeemed) at the option of the holder into shares of Ciena common stock at the initial conversion rate of 177.1009 shares of Ciena common stock per $1,000 in principal amount of Notes, which is equal to an initial conversion price of approximately $5.65 per share. The Notes may not be redeemed prior to May 5, 2009, and may thereafter be redeemed by Ciena at par if the closing sale price of Ciena's common stock for at least 20 trading days in any 30 consecutive trading day period exceeds 130% of the conversion price. The closing of the offering is expected to occur on April 10, 2006, subject to the satisfaction of customary closing conditions.

Ciena plans to use the net proceeds to provide additional funds for general corporate purposes. These purposes may include repurchases of Ciena's outstanding 3.75% Convertible Notes due February 1, 2008. These repurchases may occur at various prices from time to time. Ciena is also using a portion of the net proceeds of this offering to enter into a convertible note hedge involving a capped call option on its common stock with an affiliate of the underwriter. The convertible note hedge is expected to reduce the potential dilution from conversion of the Notes.

The sole book-running manager of the offering is Goldman, Sachs & Co. A copy of the prospectus and prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Goldman, Sachs & Co. by writing Attention: Prospectus Department, 85 Broad Street, New York, New York 10004, or by calling 212-902-1171 or by faxing a request to 212-902-9316.

About Ciena

Ciena Corporation is the network specialist, focused on expanding the possibilities for its customers' networks while reducing their cost of ownership. The company's systems, software and services target and cure specific network pain points so that telcos, cable operators, governments and enterprises can best exploit the new applications that are driving their businesses forward. For more information, visit www.ciena.com.

Safe Harbor Statement

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to the Company as of the date hereof; and Ciena's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Report on Form 10-Q, which Ciena filed with the Securities and Exchange Commission on March 3, 2006. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include expectations regarding Ciena's use of proceeds and expected reduction of potential dilution from conversion of the Notes. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.