secwatch.observer — SEC 8-K summary
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Issuer:     Ribbon Communications Inc. (RBBN)
CIK:        0001708055
Form:       8-K
Filed at:   2022-07-05T23:59:59+00:00
Accession:  0001104659-22-077368
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708055/000110465922077368/0001104659-22-077368-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708055/000110465922077368/tm2220318d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-077368

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