Avid Technology Announces Cash Tender Offer for Any and All of its 2.00% Senior Convertible Notes due 2020
Avid Technology, Inc. (AVID)
Last avid technology, inc. earnings: 3/9 04:05 pm
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US:NASDAQ Investor Relations:
ir.avid.com/investor-relations
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Source: GlobeNewswire
BURLINGTON, Mass., April 11, 2019 (GLOBE NEWSWIRE) -- Avid® (Nasdaq: AVID) (the “Company”), today announced the commencement of a cash tender offer (the “Offer”) for any and all of its outstanding 2.00% Senior Convertible Notes due 2020 (the “Notes”). There is currently $102,853,000 aggregate principal amount of the Notes outstanding. The Offer will expire on May 9, 2019 at 12:01 a.m. eastern time, unless extended by the Company (as such time and date may be earlier terminated or extended, the “Expiration Time”) in its sole discretion. To facilitate the repurchase of the Notes, Avid amended its existing credit facility to include a new $100 million delayed draw term loan commitment and reduce its interest rate from LIBOR +667 to LIBOR +625. Borrowings under the credit facility, including the delayed draw term loan, mature on May 10, 2023. “We are pleased that our improved business performance allowed us to increase our credit facility with improved terms that provide greater flexib
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