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NEWS
Ribbon Communications Inc. Announces Closing of New $385 Million Senior Secured Credit Facility
Ribbon Communications (Nasdaq: RBBN) announced the closure of a new $385 million senior secured credit facility, including a $350 million term loan and a $35 million revolving credit facility. The proceeds will be used to repay existing debt, redeem Series A Preferred Stock, and cover related fees and expenses, with remaining funds allocated for working capital and general corporate purposes. The loans, maturing on June 21, 2029, will bear interest at SOFR plus 6.25%, adjustable based on net leverage. HPS Investment Partners and WhiteHorse Capital led the arrangement.
The company has issued a full redemption notice for its Series A Preferred Stock, effective June 25, 2024. CFO Mick Lopez expressed confidence in the new capital structure to support profitable growth and flexibility for future opportunities.
The company has issued a full redemption notice for its Series A Preferred Stock, effective June 25, 2024. CFO Mick Lopez expressed confidence in the new capital structure to support profitable growth and flexibility for future opportunities.
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