Rimini plans to refinance credit facility with convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, June 18 – Rimini Street, Inc. plans to refinance its credit facility with proceeds from the issuance of $140 million of series A convertible preferred stock and 2.9 million shares of common stock, according to a news release.

The company said it has entered into a binding agreement with a syndicate of investors regarding the refinancing and that closing is subject to a shareholder vote and other closing conditions. Holders of a majority of the company’s common stock have agreed to vote in favor of the transaction, which is expected to close in the third quarter of 2018, according to the release.

The credit facility is set to mature in 2020.

The provider of enterprise software support is based in Las Vegas.

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