Cerence prices $190M 1.50% convertible notes due 2028, repurchases $87.5M of 2025 notes

Cerence Inc.

$190M principal, 1.50% coupon, due July 1, 2028; conversion price ~$40.72 (22.5% premium over $33.24 close).
Net proceeds ~$184.1M ($203.6M if overallotment exercised); closing expected June 26, 2023.
Uses ~$102M to repurchase $87.5M of 3.00% 2025 notes; remaining repays ~$106.8M term loan.
May borrow up to $24.7M under revolving credit if overallotment not fully exercised.

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