*Redback* RIchtung 1 $ ? - 500 Beiträge pro Seite

[clever_broker]

RBAK -- Redback Networks, Inc.
Com ($0.001)


Company News and Press Releases From Other Sources:

Redback Networks Announces Credit Facility Commitment Letter and Extension from NASDAQ to Comply with Minimum Bid Price Requirement

SAN JOSE, Calif., Oct 22, 2003 (BUSINESS WIRE) -- Redback Networks Inc. (Redback) (Nasdaq:RBAK), a leading provider of advanced telecommunications networking equipment, today announced that it entered into a commitment letter with Ableco Finance LLC for a Senior Secured Credit Facility for borrowings up to $30 million. The commitment letter provides that borrowings under the Credit Facility would be secured by substantially all of Redback`s assets and would bear interest at prime rate plus 3.5% per year. Execution of the actual Credit Facility is subject to a number of conditions precedent, including completion of a due diligence review satisfactory to Ableco and the negotiation and execution of definitive agreements and certain third party consents. The Credit Facility would be available to Redback in connection with the completion of its previously announced out-of-court recapitalization plan or an in-court plan of reorganization. The proceeds of the Credit Facility, if completed, would be used for, among other things, Redback`s ongoing working capital requirements and general corporate purposes.
Redback also announced that, on October 15, 2003, it received a decision from Nasdaq`s Listing Qualifications Panel that allows Redback to remain listed on the Nasdaq National Market until at least November 4, 2003, in order to allow Redback to obtain stockholder approval of its proposed approximately 73.39:1 reverse stock split. If Redback secures stockholder approval of the reverse stock split by November 4, 2003, the Company will be given a further extension, until December 12, 2003, to effect the split and demonstrate a closing bid price of at least $1.00 per share. Redback must maintain a bid price above $1.00 per share for at least ten consecutive trading days, at which time it will have regained compliance with the Nasdaq National Market`s continued listing requirements. As previously announced, Redback has scheduled a meeting of its stockholders for October 30, 2003, to vote on the reverse stock split and other matters relating to the financial restructuring.

Redback`s offer to exchange shares of its common stock for all of its outstanding 5% Convertible Subordinated Notes due 2007 in connection with its proposed out-of-court financial restructuring will expire at 12:00 midnight, New York City time, on October 30, 2003, unless extended. The terms and conditions of the exchange offer and other important information are contained in Redback`s Prospectus/Disclosure Statement dated October 10, 2003. Separately, Redback has mailed a Proxy/Prospectus/Disclosure Statement dated October 10, 2003 to its stockholders in connection with the special meeting to approve certain matters related to the proposed financial restructuring. Stockholders and noteholders may obtain additional copies of these disclosure documents by contacting The Altman Group, the information agent for the financial restructuring, at 800-467-0671, or at the Securities and Exchange Commission`s web site, www.sec.gov. Noteholders may request additional copies of the Letter of Transmittal for the exchange offer by contacting The Altman Group.

About Redback Networks Inc.

Redback Networks enables carriers and service providers to build profitable next-generation broadband networks. The company`s User Intelligent Networks(TM) product portfolio includes the industry-leading SMS(TM) family of subscriber management systems, and the SmartEdge(R) Router and Service Gateway platforms, as well as a comprehensive User-to-Network operating system software, and a set of network provisioning and management software.

Founded in 1996 and headquartered in San Jose, Calif., with sales and technical support centers located worldwide, Redback Networks maintains a growing and global customer base of more than 500 carriers and service providers, including major local exchange carriers (LECs), inter-exchange carriers (IXCs), PTTs and service providers.

REDBACK is a trademark registered at the U.S. Patent and Trademark Office and in other countries.

Note Regarding Forward-Looking Statements

The statements contained in this press release that are not purely historical are forward-looking statements, including but not limited to, Redback`s ability to execute definitive agreements for, and obtain financing under, the Credit Facility; Redback`s ability to remain listed on the Nasdaq National Market; and Redback`s ability to complete the financial restructuring. These forward looking statements involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect Redback`s actual future results. These risks and other risks relating to Redback Networks` business, including but not limited to the anticipated effects of obtaining financing under the Credit Facility and completing the financial restructuring on Redback`s balance sheet, cash flows, financial stability and financial model, are set forth in the documents filed by Redback Networks with the Securities and Exchange Commission, specifically the most recent report on Form 10-K, Form 10-Q, Form 8-K, Redback`s Registration Statements on Form S-4 (File Nos. 333-107714 and 333-108170), and amendments thereto, and the other reports filed from time to time with the Securities and Exchange Commission (SEC). In particular, while Redback has announced a commitment letter for a Credit Facility and its proposed financial restructuring, there is no assurance it will complete the transactions contemplated by the credit facility or the financial restructuring. If the conditions precedent to the credit facility are not satisfied, Redback will not enter into definitive agreements with Ableco and Ableco will not have any obligation to provide financing to Redback. If Redback`s noteholders fail to tender into the exchange offer or if conditions to close the transaction are not satisfied, the exchange offer will not be consummated. Additional risks and uncertainties relating to Redback`s business which could materially and/or adversely affect actual results of Redback are set forth in the documents filed by Redback with the SEC, specifically the registration statements on S-4, the most recent reports on Form 10-K, Form 10-Q, Form 8-K and the other reports filed from time to time with the SEC.

Redback and Ableco have not executed definitive agreements for the Credit Facility and Ableco will not have any obligation to provide any financing to Redback unless and until definitive agreements have been negotiated, prepared and executed. The terms of the Credit Facility are not final, may change, and are subject to the execution of definitive agreements. Although Redback believes it will be able to obtain financing under the Credit Facility, Redback cannot guarantee that the Credit Facility will be completed or that it will be able to borrow the amounts contemplated thereunder, or any other amount.

Where You Can Find Additional Information

Investors and security holders are urged to read the following documents filed or may be filed with the SEC, as amended from time to time, when they become available, because they contain important information. Redback has filed a Current Report on Form 8-K that includes a description of the proposed terms of the Credit Facility. In connection with the proposed restructuring transaction and the exchange offer for Redback`s notes and related transactions, Redback has filed a registration statement on Form S-4 (File No. 333-107714) that has been declared effective by the SEC, a tender offer statement on Schedule TO and other required documents with the SEC. In connection with the proposed restructuring transaction and with respect to stockholder approval of certain matters regarding the restructuring transaction and the proposed issuance of warrants exercisable for common stock, Redback has filed a registration statement on Form S-4 (File No. 333-108170) that has been declared effective by the SEC. Redback will file other required documents concerning the proposed restructuring transaction with the SEC. When these and other documents are filed with the SEC, they may be obtained free at the SEC`s Web site at http://www.sec.gov. You may also obtain each of these documents for free (when available) from Redback by directing your request to [e-mail].

SOURCE: Redback Networks



CONTACT: Redback Networks
Steve Schick, 408-750-5096 (Media)
[e-mail]
408-750-5130 (Investor Relations)
[e-mail]

URL: http://www.businesswire.com
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2003 Business Wire. All rights reserved.

-0-

KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING
TELECOMMUNICATIONS
NETWORKING

[clever_broker]

Und auch wieder eine Empfehlung bei Stockpickers!

RBAK -- Redback Networks, Inc.
Com ($0.001)


Company News and Press Releases From Other Sources:

Stock Market Ratings by StockPickReport.com for Redback Networks, Internap Network Services, EMC, Siebel Systems and Morgan Stanley

SHREVEPORT, La., Oct 22, 2003 (BUSINESS WIRE) -- StockPickReport.Com (IARD#119079 - http://www.stockpickreport.com/?src=bw)" target="_blank" rel="nofollow ugc noopener">http://www.stockpickreport.com/?src=bw) makes these short-term stock recommendations:
Redback Networks (NASDAQ:RBAK) - BUY - http://pr.stockpickreport.com/RBAK.htm

Internap Network Services (Nasdaq:INAP)-SELL- http://pr.stockpickreport.com/INAP.htm

EMC (NYSE:EMC) - SELL - http://pr.stockpickreport.com/EMC.htm

Siebel Systems (NASDAQ:SEBL) - STRONG SELL - http://pr.stockpickreport.com/SEBL.htm

Morgan Stanley (NYSE:MWD)-SELL- http://pr.stockpickreport.com/mwd.htm

If you`d like a complete list of all of our BUY stocks, visit http://www.stockpickreport.com/creative/hilopr.asp?src=PR



Redback Networks (NASDAQ:RBAK)
StockPickReport.Com Rating: BUY

For clarification on how we rate RBAK a BUY, please visit:http://pr.stockpickreport.com/RBAK.htm.


Internap Network Services (Nasdaq:INAP)
StockPickReport.Com Rating: SELL

For clarification on how we rate INAP a SELL, please visit http://pr.stockpickreport.com/INAP.htm


EMC (NYSE:EMC)
StockPickReport.Com Rating: SELL

For clarification on how we rate EMC a SELL, please visit:http://pr.stockpickreport.com/EMC.htm.


Siebel Systems (NASDAQ:SEBL)
StockPickReport.Com Rating: STRONG SELL

For clarification on how we rate SEBL a STRONG SELL, please visit:http://pr.stockpickreport.com/SEBL.htm.


Morgan Stanley (NYSE:MWD)
StockPickReport.Com Rating: SELL

For clarification on how we rate MWD a SELL, please visit http://pr.stockpickreport.com/mwd.htm
WHAT THESE RATINGS MEAN:

StockPickReport.Com ranks stocks with a proprietary unbiased system of technical analysis. These ratings do not indicate a "long term" view of any company listed. These are ratings that reflect our opinion of a stock`s potential price movement over the next five to ten trading sessions. The stock ratings range from +10 (which indicates our view that a stock has a great chance to move higher) to - 10 (which indicates our belief that a stock has a great chance to move lower). These ratings may change based on daily market conditions.

ABOUT STOCKPICKREPORT.COM:

StockPickReport.Com is a stock research firm. Our daily commentary has regular, worldwide distribution. We are Registered Investment Advisors. We do not accept third-party compensation to make stock suggestions. We do not own shares of any stock we rate.

Investors are advised that this analysis is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. This report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. The information contained herein is based on sources that we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Past performance is no guarantee of future results. Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice. Reproduction without written permission is prohibited.

StockPickReport.Com`s goal is to provide stock research FREE from bias or conflicts. You can get your FREE trial to StockPickReport.Com at http://www.stockpickreport.com/?src=bw

SOURCE: StockPickReport.Com



CONTACT: StockPickReport.Com, Shreveport
Don Harrold, 318/219-2368
[e-mail]
http://www.stockpickreport.com/index.htm

URL: http://www.businesswire.com
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2003 Business Wire. All rights reserved.

-0-

[clever_broker]

RBAK -- Redback Networks, Inc.
Com ($0.001)


Company News and Press Releases From Other Sources:

REDBACK NETWORKS INC files Form 8-K, Current Report

--------------------------------------------------------------------------------



--------------------------------------------------------------------------------



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549




--------------------------------------------------------------------------------



FORM 8-K



CURRENT REPORT



Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934



Date of Report: October 22, 2003





--------------------------------------------------------------------------------



REDBACK NETWORKS INC.

(Exact Name of Registrant as Specified in its Charter)



Delaware 000-25853 77-0438443
(State or Other Jurisdiction

of Incorporation)
(Commission File Number) (I.R.S. Employer

Identification Number)




300 Holger Way

San Jose, CA 95134

[phone]

(Addresses, including zip code, and telephone numbers, including area code, of principal executive offices)




--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.



As previously announced, Redback Networks Inc. (“Redback”) has proposed a financial restructuring. The terms and conditions of the financial restructuring, which include an out-of-court recapitalization plan and an in-court prepackaged plan of reorganization, are set forth in two Registration Statements on Form S-4 filed by Redback (File Nos. 333-107714 and 333-108170), both of which were declared effective by the SEC on October 10, 2003.



Redback commenced an offer to exchange shares of its common stock for all of its outstanding 5% Convertible Subordinated Notes due 2007 in connection with its proposed out-of-court recapitalization plan. The exchange offer will expire at 12:00 midnight, New York City time, on October 30, 2003, unless extended. The terms and conditions of the exchange offer and other important information are contained in Redback’s Prospectus/Disclosure Statement dated October 10, 2003 (the “Noteholder Prospectus”). Separately, Redback has mailed a Proxy/Prospectus/Disclosure Statement dated October 10, 2003 to its stockholders (the “Stockholder Prospectus”) in connection with a special meeting to be held on October 30, 2003 to approve certain matters related to the proposed financial restructuring.



Commitment Letter for Senior Secured Credit Facility



On October 22, 2003, Redback Networks Inc., or Redback, announced that it had entered into a commitment letter (the “Commitment Letter”) with an affiliate of Cerberus Partners, L.P., Ableco Finance LLC (“Ableco”), pursuant to which Ableco committed to provide Redback with a Senior Secured Credit Facility for up to $30 million (the “Credit Facility”). The proceeds of the Credit Facility, if completed, would be used for, among other things, Redback’s ongoing working capital requirements and general corporate purposes. Execution of the Credit Facility is subject to a number of conditions precedent, including, but not limited to, completion of a due diligence investigation satisfactory to Ableco and the negotiation, preparation and execution of definitive documentation. The proposed conditions to closing are described in more detail below.



The Credit Facility would be available to Redback in connection with the completion of its out-of-court recapitalization plan or its in-court prepackaged plan of reorganization, in each case as described in both the Noteholder Prospectus and the Stockholder Prospectus, or another in-court plan of reorganization.



Redback and Ableco have not executed definitive agreements for the Credit Facility and Ableco will not have any obligation to provide any financing to Redback unless and until definitive agreements have been negotiated, prepared and executed. The terms of the Credit Facility described in this Current Report are not final, may change, and are subject to the execution of definitive agreements. Although Redback believes it will be able to obtain financing under the Credit Facility on substantially the terms described in this Current Report, Redback cannot give assurances that the Credit Facility will be completed or that Redback will be able to borrow the amounts contemplated thereunder, or any other amount.



Maximum Amount. Advances under the Credit Facility would not exceed $30 million, or a lesser amount calculated pursuant to a predetermined formula to be included in the definitive documents which includes either Redback’s accounts receivable and inventory levels or collections with respect to accounts receivable. In addition, Redback would be entitled to request that



--------------------------------------------------------------------------------

Ableco issue guarantees of payment with respect to bank issued letters of credit in amounts not to exceed an aggregate of $16 million at any one time outstanding. The aggregate amount of any such letters of credit would be reserved against the maximum amount available for borrowing under the Credit Facility.



Interest. Advances outstanding under the Credit Facility would bear interest at JPMorgan Chase Bank’s prime rate plus 3.5% per year. The default interest rate would be 2% higher than the rate otherwise applicable to advances.



Fees and Expenses. Redback would be required to pay $600,000 in fees on the closing date of the Credit Facility, and would be charged an additional fee equal to 3.5% per year of the undrawn amount on all outstanding letters of credit. Redback would also be required to pay a loan servicing fee to Ableco of $75,000 per quarter from and after the closing date up to the date on which the Credit Facility is paid in full, and an unused line fee in an amount equal to 0.50% per year of the unused portion of the Credit Facility.



In addition, Redback would be obligated to pay Ableco’s fees and expenses incurred in connection with the Commitment Letter and Credit Facility. Redback has paid Ableco an expense deposit of $100,000, which will be applied to any expenses incurred by Ableco in connection with the Credit Facility.



Indemnification. Under the Commitment Letter, Redback is obligated to indemnify Ableco and certain associated parties from certain liabilities relating to the Commitment Letter and the transactions contemplated by the Credit Facility.



Term. If the Credit Facility is entered into in connection with the out-of-court recapitalization plan, it would expire one year from the closing date of the Credit Facility, which is anticipated to be October 31, 2003. If the Credit Facility is entered into in connection with an in-court plan of reorganization, including Redback’s proposed prepackaged plan of reorganization, it would expire on the earlier of one year after the closing of the Credit Facility or the effective date of a confirmed plan of reorganization. If the Credit Facility is entered into in connection with an in-court plan of reorganization, the anticipated closing date would be on or after the Bankruptcy Court has entered an interim order approving the Credit Facility, but in any event no later than December 15, 2003.



Additionally, if Redback files a plan of reorganization, Ableco has agreed to provide Redback with an exit financing facility on substantially the same terms as the terms of the Credit Facility, provided that there is no event of default under the Credit Facility as of the effective date of such plan , and assuming that such plan is satisfactory to Ableco. Redback would be required to pay Ableco an additional fee in connection with this exit facility equal to 1% of the maximum credit amount thereunder.



Guarantors. It is contemplated that Redback’s domestic subsidiaries would be guarantors under the Credit Facility.



Collateral. If the Credit Facility is entered into in connection with the out-of-court recapitalization plan, all of Redback’s obligations under the Credit Facility would, subject to permitted liens specified in the definitive agreements, be secured by a first-priority security interest in all now owned or hereafter acquired assets and property of Redback and its domestic subsidiaries, and stock of certain of Redback’s subsidiaries.



--------------------------------------------------------------------------------

If the Credit Facility is entered into in connection with an in-court plan of reorganization, all of Redback’s obligations under the Credit Facility would be entitled to super-priority in bankruptcy, subject to the payment of certain professional fees. In addition, all of Redback’s obligations under the Credit Facility would, subject to certain exceptions, be secured under bankruptcy law by a security interest in all now owned or hereafter acquired assets and property of Redback and its domestic subsidiaries, and stock of certain of Redback’s subsidiaries.



Covenants. Redback would be subject to financial covenants and reporting requirements that would be included in the definitive agreements for the Credit Facility. It is also contemplated that the definitive agreements would include other affirmative and negative covenants as may reasonably be deemed appropriate by Ableco, including but not limited to a covenant requiring the sum of unused availability under the Credit Facility and Redback’s unrestricted cash and cash equivalents to be at least $5,000,000 at all times.



Events of Default. If the Credit Facility is entered into in connection with the out-of-court recapitalization plan, it would contain events of default deemed appropriate by Ableco. If the Credit Facility is entered into in connection with an in-court plan of reorganization, it would contain events of default to be specified and included in the definitive agreements, including certain events of default related to the occurrence of certain events in connection with a plan of reorganization.



Prepayment. Redback would have the option to prepay and terminate the Credit Facility prior to the specified maturity date, subject to payment of a fee equal to 0.5% of the average monthly amount of the borrowing base, calculated pursuant to a predetermined formula, during the period of time from the closing date through the date of prepayment. In addition, Redback would be obligated to prepay the Credit Facility and make a corresponding reduction on the amount available under the Credit Facility with the net cash proceeds from certain tax refunds, extraordinary transactions and securities issuances to the extent such proceeds exceeded $3,500,000 during any fiscal year.



Conditions to Closing. It is currently contemplated that the conditions precedent to the closing of the Credit Facility would include, without limitation:



• satisfactory completion of Ableco’s business due diligence review;



• execution of a guaranty by each of Redback’s domestic subsidiaries relating to the repayment obligations of Redback under the Credit Facility;



• no material adverse change in the financial, business or collateral condition of Redback shall have occurred since September 30, 2003;
. . .


View Entire Filing



--------------------------------------------------------------------------------
End of News

[clever_broker]

Schlusskurs in USA bei 0,5790 USCent!

[paula5]

23.10. 11:35
Redback: Cisco-Rivale mit Turnaround-Fantasie
(©GodmodeTrader - http://www.godmode-trader.de)



Der Netzwerkausrüster Redback Networks konnte mit einem Investor einen Rahmenvertrag über die Aufnahme eines Kredites in Höhe von $30 Millionen unterzeichnen und hat mit der Nasdaq eine Verlängerung der Notierung der Aktien an der Technologiebörse vereinbart.

Der Anbieter von Netzwerk Infrastruktur Equipment für Breitband-Internet-Zugangsanbieter meldete am späten Mittwoch einen Verlust von $18.1 Millionen oder 10 Cents je Aktie für das Ende September ausgelaufene Quartal - nach $52.9 Millionen oder 30 Cents je Aktie Verlust im Vorjahr. Vor Einmaleffekten wurde mit einem Verlust je Aktie von 12 Cents die Erwartung des Marktes erfüllt. Der Umsatz konnte von $17.4 auf $27.4 Millionen vergrößert werden.

Die Aktien von Redback, einem kleineren Rivalen zu Cisco Systems und Juniper Networks, werden zunächst bis zum 4. November gelistet bleiben. Am vierten November werden die Aktionäre über die Durchführung eines reversen Aktiensplits abstimmen. Sollte ein solcher Reverse Split beschlossen werden, so wird die Nasdaq Redback eine Frist bis zum 12. Dezember einräumen, innerhalb derer Redback den reversen Aktiensplit durchführen und die Mindestkursanforderung von $1 je Aktie erfüllen kann.

Zudem wurde mit Ableco Finance LLC ein vorläufiger Abschluss über die Aufnahme eines mit jährlich 3.5% verzinsten Kredits in Höhe von $30 Millionen vereinbart. Die liquiden Mittel, die nach erfolgreicher Due Diligence durch Ableco vergeben werden, sollen für Finanzierung des täglichen Geschäfts verwendet werden. Die Kreditsumme soll mit fast den gesamten Vermögenswerten Redbacks besichert werden.

Die Redback Aktie schloss am Mittwoch bei 55 Cents.

[clever_broker]

Also Leute wo ist das Problem!
Sind doch für die gegebenen Umstände sehr gute News!
Das sollten unsere amerikanischen Freunde ebenso sehen!
Up up and away!