secwatch.observer — SEC 8-K summary
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Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2023-06-22T23:59:59+00:00
Accession:  0001193125-23-171803
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523171803/0001193125-23-171803-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523171803/d507049d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-171803

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