| Schedule of carrying values and estimated fair values of convertible notes |
The following table sets forth, in thousands, the carrying value and the estimated fair value of Ciena’s outstanding issues of convertible notes as of April 30, 2017: | | | | | | | | | | | | April 30, 2017 | | | Carrying Value (1) | | Fair Value(2) | 0.875% Convertible Senior Notes due June 15, 2017 | | $ | 185,221 |
| | $ | 185,085 |
| 3.75% Convertible Senior Notes due October 15, 2018 | | 348,248 |
| | 449,313 |
| 4.0% Convertible Senior Notes due December 15, 2020 | | 191,557 |
| | 254,925 |
| | | $ | 725,026 |
| | $ | 889,323 |
|
| | (1) | Includes unamortized debt discount, accretion of principal and debt issuance costs. |
| | (2) | The convertible notes are categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its outstanding convertible notes using a market approach based upon observable inputs, such as current market transactions involving comparable securities. |
The net carrying amount of Ciena's term loans were comprised of the following for the fiscal periods indicated (in thousands): | | | | | | | | | | | | April 30, 2017 | | October 31, 2016 | Term Loan Payable due July 15, 2019 | | $ | — |
| | $ | 241,359 |
| Term Loan Payable due April 25, 2021 | | — |
| | 244,944 |
| Term Loan Payable due January 30, 2022 | | 393,377 |
| | — |
| | | $ | 393,377 |
| | $ | 486,303 |
|
The net carrying amount of Ciena's outstanding convertible notes payable was comprised of the following for the fiscal periods indicated (in thousands): | | | | | | | | | |
| | April 30, 2017 | | October 31, 2016 | 0.875% Convertible Senior Notes due June 15, 2017 | | $ | 185,221 |
| | $ | 231,240 |
| 3.75% Convertible Senior Notes due October 15, 2018 | | 348,248 |
| | 347,630 |
| 4.0% Convertible Senior Notes due December 15, 2020 | | 191,557 |
| | 188,509 |
| | | $ | 725,026 |
| | $ | 767,379 |
|
The following table sets forth the carrying value and the estimated fair values of Ciena's term loan (in thousands): | | | | | | | | | | | | April 30, 2017 | | | Carrying Value | | Fair Value(2) | Term Loan Payable due January 30, 2022(1) | | $ | 393,377 |
| | $ | 401,494 |
|
|
| Schedule of details of convertible notes |
The principal balance, unamortized discount, deferred debt issuance costs and net carrying value of the liability components of our 2022 Term Loan were as follows as of April 30, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Principal Balance | | Unamortized Discount | | Deferred Debt Issuance Costs | | Net Carrying Amount | Term Loan Payable due January 30, 2022 | $ | 399,000 |
| | $ | (2,153 | ) | | $ | (3,470 | ) | | $393,377 |
The principal balance, unamortized discount, deferred debt issuance costs and net carrying value of the liability and equity components of our Ciena's outstanding issues of convertible notes were as follows as of April 30, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | Liability Component | | Equity Component | | Principal Balance | | Unamortized Discount | | Deferred Debt Issuance Costs | | Net Carrying Amount | | Net Carrying Amount | 0.875% Convertible Senior Notes due June 15, 2017 | $ | 185,258 |
| | $ | — |
| | $ | (37 | ) | | $185,221 | | $ | — |
| 3.75% Convertible Senior Notes due October 15, 2018 | $ | 350,000 |
| | $ | — |
| | $ | (1,752 | ) | | $348,248 | | $ | — |
| 4.0% Convertible Senior Notes due December 15, 2020 | $ | 203,093 |
| | $ | (10,428 | ) | | $ | (1,108 | ) | | $191,557 | | $ | 43,131 |
|
|