secwatch.observer — SEC 8-K summary
======================================

Issuer:     Ribbon Communications Inc. (RBBN)
CIK:        0001708055
Form:       8-K
Filed at:   2024-06-24T23:59:59+00:00
Accession:  0001104659-24-074398
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708055/000110465924074398/0001104659-24-074398-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708055/000110465924074398/tm2417775d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-074398

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer