Sonus Networks, Inc. (NASDAQ: SONS) said it has announced the pricing of its underwritten public offering of 37.5 million shares of its common stock on behalf of Galahad Securities Ltd. and its affiliated entities at USD3.53 per share.
The underwriter of the offering has been granted a 30-day option to purchase up to 5.625m additional shares from the Legatum Group. The Legatum Group will receive all the proceeds from the underwritten offering; no shares in the underwritten offering are being sold by Sonus or any of its officers or directors.
In addition, Sonus will repurchase from the underwriter approximately 21.5 million shares of its common stock that are subject of the offering at approximately USD3.49 per share, which is equal to the price per share to be paid by the underwriter to the Legatum Group in the underwritten offering. Sonus intends to fund the share repurchase with cash on hand. The repurchased shares will no longer be outstanding following completion of this offering. The offering and the share repurchase are expected to close on or about March 25, 2014.
Sonus Networks provides networked solutions for communications service providers and enterprises. The company was founded in 1997 and is headquartered in Westford, Massachusetts. Its website is at http://www.sonusnet.com.