RingCentral, Inc. (RNG): debt financing — RingCentral issues $400M senior notes at 8.5% due 2030; expands credit facility by $25M

RingCentral, Inc.

Issued $400M aggregate principal of 8.500% senior notes due 2030 in a private placement.
Net proceeds ~$394M; to be used to repurchase/repay convertible notes and for general corporate purposes.
Interest at 8.5% paid semi-annually on Feb 15 and Aug 15; notes mature Aug 15, 2030.
Amended credit agreement: revolving commitments increased by $25M to $225M.
Notes guaranteed by domestic subsidiaries; covenants include limitations on liens, subsidiary guarantees, and mergers.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

RingCentral, Inc. incurred senior notes of $400 million aggregate principal amount with U.S. Bank Trust Company, National Association at 8.500% per annum maturing August 15, 2030.

Instrument: senior notes
Principal: $400 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 8.500% per annum
Maturity: August 15, 2030
Event: incurrence

Exact text from the filing

completed its previously announced offering of $400 million aggregate principal amount of its 8.500% senior notes due 2030

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

RingCentral, Inc. amended revolving credit of aggregate amount of $225 million with Bank of America, N.A..

Instrument: revolving credit
Principal: aggregate amount of $225 million
Counterparty: Bank of America, N.A.
Event: amendment

Exact text from the filing

increase the revolving credit commitments by $25 million in accordance with the incremental loan provisions of the Credit Agreement, to an aggregate amount of $225 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RingCentral, Inc. amended First Amendment to Credit Agreement with Bank of America, N.A., as administrative agent, the letter of credit issuers party thereto and the lender party thereto valued at increase the revolving credit commitments by $25 million to an aggregate amount of $225 million (effective 2023-08-15).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, the letter of credit issuers party thereto and the lender party thereto
Value: increase the revolving credit commitments by $25 million to an aggregate amount of $225 million
Effective: 2023-08-15

Exact text from the filing

On August 15, 2023, the Company entered into the First Amendment to Credit Agreement (the “First Amendment”), among the Company, the other loan parties party thereto, Bank of America, N.A., as administrative agent, the letter of credit issuers party thereto and the lender party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RingCentral, Inc. entered into Indenture with U.S. Bank Trust Company, National Association, as trustee valued at $400 million aggregate principal amount (effective 2023-08-16).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Value: $400 million aggregate principal amount
Effective: 2023-08-16

Exact text from the filing

The Notes were issued pursuant to an indenture, dated as of August 16, 2023 (the “Indenture”), by and among the Company, RingCentral International, Inc., a Delaware corporation (“RGC International”), RingCentral IP Holdings, Inc., a Delaware corporation (“RGC IP Holdings”), and RingCentral Holdings I, Inc., a Delaware corporation (“RGC Holdings”, and together with RGC International and RGC IP Holdings, the “Subsidiary Guarantors”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

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RingCentral, Inc. filing history →

Source: SEC EDGAR

accession 0001384905-23-000043

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