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Vonage extends exclusivity period under loan and convertible financing letter of intent
By Sara Rosenberg
New York, June 17 - Vonage Holdings Corp. extended the exclusivity period under its non-binding letter of intent for credit facility and convertible financing to June 23 from June 13, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
The extension is to allow the third-party financing source that provided the letter of intent back in April to continue to negotiate the terms of the financing commitment.
As was previously reported, the letter of intent is for $215 million in private debt financing, of which about two-thirds is expected to be a senior secured credit facility and about one-third is expected to be new convertible secured notes.
Proceeds from the financing, along with cash on hand, will be used to repay, tender or redeem Vonage's existing convertible notes, which can be put on Dec. 16 and have a principal amount due of about $253 million.
Vonage is a Holmdel, N.J.-based provider of broadband telephone services.
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