Nuance issues common shares in exchange for $420 million of convertibles in two series

By Rebecca Melvin

Concord, N.H., May 26 – Nuance Communications Inc. announced that it has issued 17.9 million shares of common stock in exchange for $354.8 million of its 1% convertibles due 2035 and $64.9 million of its 1.5% convertible due 2035, according to a company news release.

The exchanges were entered into under privately negotiated agreements with certain investors. Specifically, an aggregate of 14.7 million shares and $4 million in cash was exchanged for the $354.8 million principal amount of the 1% convertibles and 3.2 million shares and $500,000 in cash was exchanged for the $64.9 million of 1.5% convertibles.

The transactions are expected to close on May 28.

Following the exchanges, $321.7 million principal amount of the 1% convertibles and $162.5 million principal amount of the 1.5% convertibles, including $118.3 million surrendered for conversion and pending settlement, will remain outstanding.

Nuance is a Burlington, Mass.-based speech recognition and artificial intelligence company.

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