Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

Reference is made to Item 8.01 of this report regarding certain modifications of the existing credit facilities of Finisar Corporation (the "Company"). Item 8.01 Other Events.
On July 9, 2009, the Company issued a press release announcing that it has commenced separate concurrent offers to exchange shares of the Company's common stock, and cash for an aggregate of up to $37,500,000 principal amount of the Company's outstanding 21/2% Convertible Subordinated Notes due 2010 and an aggregate of up to $57,500,000 principal amount of the Company's outstanding 21/2% Convertible Senior Subordinated Notes due 2010. The terms and conditions of the exchange offers are described in the Offer to Exchange, dated July 9, 2009, and related Letter of Transmittal, as filed with the Securities and Exchange Commission.
The Company also announced that Silicon Valley Bank had agreed to certain modifications of the Company's existing credit facilities in connection with the exchange offers.
The press release announcing the exchange offers and the modifications of the Company's existing credit facilities is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

Exhibit No. Description
99.1 Press Release of Finisar Corporation dated July 9, 2009

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