Rimini Street repurchases additional $10 million convertible preferreds

By Cady Vishniac

Detroit, Jan. 11 – Rimini Street, Inc. repurchased $10 million of its series A convertible preferreds on Jan. 5, according to a press release.

Another $5 million of the notes were purchased on Oct. 30 for a total of $15 million face amount. The aggregate price for all $15 million of notes is $13.45 million, or 89.7% of par.

The make-whole premium due before July 19, 2021 was waived for all the notes, which were retired upon repurchase.

The company said the repurchases will lower its cost of capital and increase cash flow.

Rimini Street is a Las Vegas-based enterprise software products and services company.

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