Ribbon Communications reallocates term loans, improves covenants

By Wendy Van Sickle

Columbus, Ohio, March 4 – Ribbon Communications Inc. amended its credit agreement on Thursday, resulting in the same total amount of outstanding debt but a $75 million increase to its term loan A, according to a news release.

Proceeds of the increased term loan A were used to pay off the outstanding balance on Ribbon’s term loan B, which had an interest margin that was higher by 500 basis points, according to the release.

Some covenant terms were also improved.

Citizens Bank, NA led the amendment and is the administrative agent of the credit agreement.

Ribbon Communications is a Westford, Mass.-based security and software solutions company.

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