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Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock

Nachrichtenquelle: Business Wire (engl.)
19.04.2021, 15:00  |  108   |   |   

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party support provider for Oracle and SAP software products and a Salesforce partner, today announced that it has completed, pursuant to early redemption rights, the buyback of 60,000 shares of Series A Preferred Stock with a face value of $60 million for total cash payable of $62.3 million, which includes $2.3 million of make-whole dividend. Source of funds for the buyback are Company cash, and the notice of this stock buyback was previously announced on March 16, 2021.

The remaining Series A Preferred Stock liquidation value is approximately $88 million. Rimini Street has the option to call it, in full or in part, with no make-whole or premium starting July 19, 2021, or it may be converted into common stock at any time by the holders. Any remaining shares of the Series A Preferred Stock will become redeemable at the election of a majority of the Series A Preferred Stockholders beginning July 19, 2023.

This transaction is the latest in a series of Preferred Stock buybacks that have reduced the total Series A Preferred obligation by approximately 46% in the past six months.

“Our recent capital market actions have allowed us to methodically strengthen our balance sheet and move us in the direction of a net cash position with a low leverage ratio. We continue to look for additional opportunities to lower our cost of capital and optimize our capital structure for the benefit of our shareholders,” stated Michael L. Perica, chief financial officer, Rimini Street.

We plan to discuss the stock buyback transaction in more detail during our first quarter 2021 earnings conference call scheduled for May 5, 2021, and in our SEC Form 10-Q. Please visit our investor relations website for more information https://investors.riministreet.com/.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,000 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

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Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party support provider for Oracle and SAP software products and a Salesforce partner, today announced that it has completed, …

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