Rimini Street prepays portion of term loan, ups stock buyback limit

By Marisa Wong

Los Angeles, June 1 – Rimini Street, Inc. announced it prepaid $5 million of debt outstanding under its term loan on May 31 with no prepayment penalty, leaving an approximate loan balance of $81.6 million as of June 1.

The company also announced on Wednesday that its board of directors has authorized an increase to its previously announced common stock repurchase program to up to $50 million over the next four years from up to $15 million over two years.

Correspondingly, the company’s credit agreement was also amended to increase the aggregate value of shares of common stock that can be repurchased.

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

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