secwatch.observer — SEC 8-K summary
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Issuer:     Ribbon Communications Inc. (RBBN)
CIK:        0001708055
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001104659-23-036895
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708055/000110465923036895/0001104659-23-036895-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708055/000110465923036895/tm2310375d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-036895

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