RingCentral Announces Repurchase Of ~$461M Of 2025 Notes
Portfolio Pulse from Happy Mohamed
RingCentral (NYSE:RNG) has announced the repurchase of approximately $461 million of its 0% Convertible Senior Notes due 2025. The company will pay around $425 million in cash using its term loan facility and cash on hand. Following the repurchase, about $539 million aggregate principal amount of the 2025 Notes will remain outstanding.
May 19, 2023 | 12:08 pm
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RingCentral's repurchase of $461M of its 2025 Convertible Senior Notes strengthens its financial profile and aligns with its strategy for profitable growth and disciplined capital management.
The repurchase of the 2025 Notes reduces RingCentral's debt and strengthens its financial position. This move aligns with the company's strategy for profitable growth and disciplined capital management, which is likely to have a positive impact on its stock price in the short term.
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IMPORTANCE 80
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