** Network test measurement and optical technologies firm Viavi Solutions VIAV.O shares down 4.6% to $47.01 premarket after $500 mln follow-on priced

** Chandler, Arizona-based VIAV late Tues sold ~11.1 mln shares at $45, an 8.7% discount to last sale

** Co intends to use net offering proceeds to repay its $450 mln term loan, any remainder for working capital or other general corporate purposes

** Stifel and Needham joint bookrunners, along with UBS

** VIAV has ~233.9 mln shares outstanding

** VIAV's stock has fallen past four sessions, but has surged ~177% YTD through Tues close

** On Apr 30, stock finished up 15% after co's upbeat Q3 results on strong demand from data centers and aerospace and defense markets

** Avg rating of 9 analysts is "buy"; median PT of $65 up from $35 a month ago, according to LSEG data