Rimini Street to redeem $60 million in 13% convertibles

By Taylor Fox

New York, March 16 – Rimini Street, Inc. plans to redeem 60,000 shares of its 13% series A convertible preferred stock with a face value of $60 million, according to a news release.

The shares will be redeemed April 16 at a price of $1,039.05 per share, which consists of the liquidation preference of $1,000 and a make-whole payment of $39.05.

Holders of series A preferred stock may convert, prior to the redemption date, some or all of the redeemed shares into shares of the company’s common stock.

This early redemption follows the company’s repurchases of $15 million of series A preferred stock in transactions closed in October 2020 and January 2021.

The company may redeem up to an additional $20 million of the preferred stock in certain circumstances before July 19, and the remaining preferred stock may be redeemed after July 19.

Any remaining shares of the series A preferred stock will become redeemable at the election of holders of a majority of the stock beginning July 19, 2023.

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

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