Ribbon Communications closes $385M credit facility, to redeem Series A Preferred Stock

Ribbon Communications Inc.

New $385M senior secured credit facility: $350M term loan + $35M revolver, matures June 2029.
Proceeds used to repay prior credit facility and redeem all Series A Preferred Stock at 103% of liquidation preference on June 25, 2024.
Interest initially SOFR + 6.25%; after FY2024, SOFR + 5.75%-6.25% based on net leverage.
Loans secured by substantially all assets; HPS Investment Partners serves as administrative agent.
Financial covenant: Consolidated Net Leverage Ratio ≤ 4.75:1 through March 2026, then ≤ 4.00:1.

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