Ribbon prices $53.4M preferred stock offering, amends credit agreement with $75M prepayment and covenant relief

Ribbon Communications Inc.

Priced private placement of 55,000 Series A preferred shares at $970/share and ~4.3M warrants; gross proceeds ~$53.4M.
Credit agreement amended: net leverage ratio raised to 4.50x through Q1 2024; fixed charge coverage ratio lowered to 1.10x.
Will prepay $75M of Term Loan A principal; intends to use offering proceeds and cash on hand.
LIBOR replaced with SOFR as interest rate benchmark under credit facility.
Private placement expected to close March 30, 2023.

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