Ribbon Communications amends credit agreement, easing covenants and raising interest margins

Ribbon Communications Inc.

Fifth Amendment reduces minimum Fixed Charge Coverage Ratio for remainder 2022; increases max Net Leverage Ratio through June 2023.
Max LIBOR margin raised to 4.50% (from 3.50%); base rate margin raised to 3.50% (from 2.50%).
Max commitment fee on unused commitments increased to 0.50% per year (from 0.35%).
Borrower may incur at least $50M of junior debt; 50% of net proceeds must prepay Senior Secured Credit Facilities.
Acquisitions, share repurchases, dividends, and certain investments restricted until FY2022 audited financials delivered.

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