Ribbon Communications to launch $350 million term loan on Wednesday

By Sara Rosenberg

New York, April 19 – Ribbon Communications Inc. is scheduled to hold a lender meeting at 2 p.m. ET on Wednesday to launch a $350 million six-year term loan B, according to a market source.

Citizens Bank is the lead arranger and administrative agent on the deal.

The term loan has hard call protection of 102 in year one and 101 in year two, and a maximum total net leverage covenant, the source said.

Proceeds will be used to refinance existing debt.

Ribbon is a Plano, Tex.-based provider of communications technology to service providers and enterprises.

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