secwatch.observer — SEC 8-K summary
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Issuer:     Ribbon Communications Inc. (RBBN)
CIK:        0001708055
Form:       8-K
Filed at:   2023-03-30T23:59:59+00:00
Accession:  0001104659-23-039214
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ribbon completes $53.4M preferred stock private placement, repays $75M term loan
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- Gross proceeds of ~$53.4M from 55,000 Series A preferred shares at $970 each and warrants for 4.86M common shares at $3.77.
- Net proceeds used with cash and swap proceeds to prepay $75M of Term Loan A under senior secured credit facility.
- Sixth Amendment reduces revolver to $75M, replaces LIBOR with Term SOFR, increases leverage ratio covenant.
- Participation from three largest stockholders: Neuberger Berman, JPMorgan Chase, Swarth Investments.
- Preferred stock pays cumulative dividends of 9.25% (yr1), 9.75% (yr2), 12% thereafter; mandatory redemption Sept 30, 2025 at 102%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708055/000110465923039214/0001104659-23-039214-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708055/000110465923039214/tm2310899d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-039214

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