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

Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0001193125-23-175180
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cerence issues $190M of 1.5% convertible senior notes due 2028
--------------------------------------------------------------

- Issued $190M aggregate principal of 1.50% Convertible Senior Notes due 2028; initial purchasers have 13-day option for additional $20M (unexercised as of filing).
- Interest payable semi-annually on Jan 1 and Jul 1, starting Jan 1, 2024; maturity Jul 1, 2028.
- Conversion rate initially 24.5586 shares per $1,000 principal (initial conversion price ~$40.72 per share); company may elect cash, shares, or combination.
- Notes are senior unsecured obligations; rank equal to existing unsecured debt; effectively junior to secured debt and structurally junior to subsidiary liabilities.
- Company may redeem notes on/after Jul 6, 2026 if stock price ≥130% of conversion price for 20 of 30 trading days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523175180/0001193125-23-175180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523175180/d515513d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-175180

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