secwatch.observer — SEC 8-K summary
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Issuer:     8X8 INC /DE/ (EGHT)
CIK:        0001023731
Form:       8-K
Filed at:   2022-08-04T23:59:59+00:00
Accession:  0001023731-22-000173
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 3.02, 8.01, 8.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

8x8 exchanges $404M of convertible notes, enters $250M term loan, and repurchases $60M of stock
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- Exchanged approximately $404 million principal amount of 0.50% Convertible Senior Notes due 2024 for $202 million of new 4.00% notes due 2028 and $182 million cash.
- Entered into a $250 million senior secured term loan credit agreement led by Francisco Partners, maturing August 2027, with interest at Term SOFR plus 6.50%.
- Repurchased $60 million of common stock at $5.61 per share, reducing shares outstanding by about 10.7 million (8.9%).
- Issued warrants to purchase 3.1 million shares of common stock at $7.15, representing a 27.5% premium over the closing price on August 3, 2022.
- New term loan proceeds will fund the cash portion of the exchange and the stock repurchase; closing expected August 10-11, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023731/000102373122000173/0001023731-22-000173-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023731/000102373122000173/debt8-k.htm
  HTML page:      https://secwatch.observer/filing/0001023731-22-000173

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