Le Lézard
Classified in: Science and technology
Subjects: Stock Sale/Buyback, Bond Issue

RingCentral Announces Repurchase of Approximately $171 Million of Convertible Notes


RingCentral, Inc. ("RingCentral" or the "Company") (NYSE: RNG), a leading provider of AI-powered global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced that it has entered into individual, privately negotiated repurchase transactions (the "Note Repurchases") with certain holders of the Company's 0% Convertible Senior Notes due 2025 (the "2025 Convertible Notes") and 0% Convertible Senior Notes due 2026 (the "2026 Convertible Notes").

Pursuant to the Note Repurchases, the Company will pay approximately $122 million and $35 million in cash to repurchase approximately $130 million and $41 million aggregate principal amount of the 2025 Convertible Notes and 2026 Convertible Notes, respectively. The Note Repurchases will be funded using proceeds received from the Company's previously announced issuance of its 8.500% Senior Notes due 2030 (the "2030 Notes"), which closed on August 16, 2023. The Note Repurchases are aligned with the Company's previous announcement that it intends to use the net proceeds from the issuance of the 2030 Notes to repurchase and/or repay a portion of its outstanding convertible notes. The Company anticipates the closing of the Note Repurchases to occur on or about August 28, 2023. Following the closing of the Note Repurchases, approximately $409 million and $609 million aggregate principal amount of the 2025 Convertible Notes and 2026 Convertible Notes will remain outstanding, respectively.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities described above, nor will there be any offer, solicitation, or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether RingCentral will be able to consummate the Note Repurchases. Forward-looking statements may be identified by the use of the words "may," "will," "expect," "intend" and other similar expressions. These forward-looking statements are based on estimates and assumptions by RingCentral's management that, although believed to be reasonable, are inherently uncertain and subject to a number of risks. Actual results may differ materially from those anticipated or predicted by RingCentral's forward-looking statements. All forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2022, and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, and the risks discussed in our other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements in this press release are based on information available to RingCentral as of the date hereof, and we undertake no obligation to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About RingCentral

RingCentral is a leading global provider of cloud-based business communications and collaboration solutions that seamlessly combine phone, messaging, video meetings, and contact center. RingCentral empowers customers with AI-powered conversation intelligence that unlocks insights from their interaction data to accelerate business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.

© 2023 RingCentral, Inc. All rights reserved. RingCentral and the RingCentral logo are trademarks of RingCentral, Inc.


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