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Ribbon Communications Inc. Announces Closing of New $385 Million Senior Secured Credit Facility

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Proceeds will be used to repay outstanding debt under current credit facility and to redeem Series A Preferred Stock

PLANO, Texas, June 21, 2024 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN) (“Ribbon”), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced that it has completed the previously announced $385 million senior secured credit facility (the “2024 Credit Facility”) comprised of a $350 million term loan and a $35 million revolving credit facility. Proceeds from the term loan under the 2024 Credit Facility will be used to refinance the prior credit facility, redeem in full Ribbon’s outstanding Series A Preferred Stock and pay fees, costs and expenses related to the 2024 Credit Facility.  Excess proceeds from the term loan will be used for working capital and other general corporate purposes.

Loans under the 2024 Credit Facility will mature on June 21, 2029.  The loans will initially bear interest at a rate per annum equal to SOFR plus 6.25%.  After Ribbon delivers the financial statements for the fiscal year ended December 31, 2024 pursuant to the 2024 Credit Facility, the interest rate will be SOFR plus a margin of 5.75% to 6.25% depending on the Company’s consolidated net leverage.  At the Company’s option, interest may be calculated using an alternative base rate plus a margin ranging from 4.75% to 5.25%.  Outstanding amounts under the 2024 Credit Facility are secured by substantially all of the assets of Ribbon, and certain of the Ribbon’s subsidiaries. 

HPS Investment Partners, LLC will serve as Administrative Agent under the 2024 Credit Facility and HPS Investment Partners, LLC and WhiteHorse Capital served as joint lead arrangers and bookrunners.

“We are pleased to complete this important milestone for the Company that provides us with the right capital structure as we look to continue to profitably grow the business,” said Mick Lopez, Chief Financial Officer of Ribbon Communications.  “We believe that HPS and WhiteHorse Capital will be excellent financial partners due to their strategic perspective and financial strength.  With them, we believe our capital structure will have the flexibility to address our future growth opportunities.”

In connection with the closing of the 2024 Credit Facility, the Company also issued a notice of redemption in full of its Series A Preferred Stock.  Under the terms of the redemption, the Series A Preferred Stock will be redeemed on June 25, 2024.

About Ribbon 
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G and broadband internet. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit rbbn.com.

Important Information Regarding Forward-Looking Statements 
The information in this release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties.  All statements other than statements of historical facts contained in this release, including without limitation statements regarding the Company’s future growth and the redemption of the Series A Preferred Stock, are forward-looking statements. Without limiting the foregoing, the words “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, “projects” and other similar language, are intended to identify forward-looking statements. 

Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties and other important factors, including, among others, the effects of geopolitical instabilities and wars, including in Israel and Ukraine (and the impact of sanctions and trade restrictions imposed as a result thereof); operational disruptions at facilities located in Israel including as a result of military call-ups of the Company’s employees in Israel, closure of the offices there or the temporary or long-term closure of contract manufacturing in the region; the potential impact of litigation; risks related to supply chain disruptions, including as a result of component availability; the impact of new terms and/or covenants in the 2024 Credit Facility; risks resulting from higher interests rates and continued inflationary pressures;  the impact of restructuring and cost-containment activities; unpredictable fluctuations in quarterly revenue and operating results; risks related to cybersecurity and data intrusion; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company’s customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company’s recognition of revenues; macroeconomic conditions, including inflation; market acceptance of the Company’s products and services; rapid technological and market change; the ability to protect Company intellectual property rights and obtain necessary licenses; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company’s products; increases in tariffs, trade restrictions or taxes on the Company’s products; and currency fluctuations.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results from operations. Additional information regarding these and other factors can be found in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2023. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations
+1 (978) 614-8050
ir@rbbn.com  

Media Contact
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com  

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SOURCE Ribbon Communications Inc.

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365 Retail Markets Strengthens Leadership Team with Key Hires

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Announcement Comes as Two Long-Time Executives Retire

TROY, Mich., Dec. 26, 2024 /PRNewswire/ — 365 Retail Markets, the global leader in unattended retail technologies, today announced the appointment of Anton Rakushkin as Chief Technology Officer and Bill Reidy as VP of Sales for North America. These strategic hires come as two long-time leaders, Joe Rogan and John Chidiac, retire after years of dedicated service to the company.

365 Retail Markets announces the appointment of Anton Rakushkin as CTO and Bill Reidy as VP of Sales- North America.

Rakushkin comes to 365 with twenty years of experience in retail technology including time with Streamware Corporation and Crane Connectivity Solutions. He holds impressive accomplishments in the areas of vending management, including the architecture of Vendmax, an extensively used VMS system across the industry. His achievements also include innovations around data exchange and tools for operator success such as industry-first pre-kit and dynamic scheduling features. Rakushkin has had notable success working closely with both customers and other solution providers to create widely adopted industry standards.

“I am excited to bring my experience to the world-class team at 365 and look forward to elevating their impressive accomplishments across the industry as well as extending that success to more opportunities. By understanding customer needs and providing solutions that will drive the industry forward, we will accomplish great things,” said Rakushkin.

Reidy joins 365 Retail Markets with over thirty years of experience in sales leadership and executive management. Throughout his career, he has successfully developed and grown businesses across various verticals and industries. Reidy has cultivated a deep understanding of the SaaS industry by advancing through prominent firms, including well-known players in the automotive technology space, such as KPA, Netsertive, and DealerMatch. During his time at vAuto, he designed highly effective sales and operations management processes and built a renowned national sales team.

When asked about his optimism around 365’s growth potential, Reidy noted, “I’m fortunate to be joining a well-established team at 365 Retail Markets, and I believe that through coaching and establishing the right processes, we can expand our opportunities immensely. I am looking forward to elevating the reach and success of this organization through the help of a world-class sales team.”

Joe Hessling, CEO at 365 Retail Markets, expressed his excitement about the leadership additions. “Bringing experts like Anton and Bill onto the team is essential to keep up with the intense growth we are seeing in our unattended retail business. We have heard for years that the market is tired of the lack of investment by the legacy VMS providers and the lack of consumer-focused features from the me-too payment terminal providers.  Anton and Bill will be focused on being sure 365 remains the global leader for decades to come.”

Joe Rogan retires after 10 years with 365. While currently serving as Chief Strategy Officer, he has previously served as Chief Financial Officer and an early advisor and Board Member helping define nearly every successful initiative in the company’s history.  Joe will be missed greatly by his industry colleagues and friends at 365 but will remain in an advisory role in his retirement.

John Chidiac’s decade of service to 365 comes with many accomplishments in roles as Chief Operating Officer and later as President of International, spearheading international growth. His dedication to 365 has positioned the long-term success internationally and his relationships with many in the industry has gained him immense respect among his peers and colleagues.

Hessling acknowledged their contributions, stating, “I would like to thank both Joe and John for helping me turn 365 into what it is today.  Taking the leap to join over 10 years ago was a risk neither had to take and their impact on 365, me, and the industry has been something that most don’t ever get the chance to do in their careers.  I will miss working with them both but am happy for them in their next stage of life.”

Both retirements are effective December 31, 2024 and 365 Retail Markets thanks both individuals for their incredible dedication and commitment to the organization and industry.

CONTACT:       
Navreet Gill
VP of Marketing & Communications, 365 Retail Markets
navreet.gill@365smartshop.com

About 365 Retail Markets
365 Retail Markets is the global leader in unattended retail technology. Founded in 2008, 365 provides a full suite of best-in-class, self-service technologies for food service operators including end-to-end integrated SaaS software, payment processing and point of-sale hardware. Today, the company’s technology solutions autonomously power food retail spaces at corporate offices, manufacturing and distribution facilities, hospitality settings and more, in order to provide compelling foodservice options for consumers. 365’s technology solutions include a growing suite of frictionless smart stores, micro markets, vending, catering, and dining point-of-sale options to meet the expanding needs of its customers. 365 continuously pioneers innovation in the industry with superior technology, strategic partnerships and ultimate flexibility in customization and branding.  

For more information about 365 Retail Markets, visit www.365retailmarkets.com and connect on Facebook, Twitter, YouTube, and LinkedIn.

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SOURCE 365 Retail Markets, LLC

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The Inner Circle acknowledges, Tane Remington as a Pinnacle Professional Member

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LIVERMORE, Calif., Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Tane Remington is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for her contributions at the Forefront of Innovation in Physics & Engineering.               

Dr. Tane Remington, a trailblazer in the fields of physics, engineering, and materials science, continues to drive forward technological innovation as the co-founder and Chief Scientific Officer of Maelstrom Water Technologies. With a profound commitment to advancing environmental sustainability through cutting-edge research and development, Dr. Remington has established herself as a visionary leader in the industry.

Dr. Remington’s journey into the realm of scientific discovery began with a Bachelor of Science in Engineering, laying a solid foundation for her academic pursuits at Swarthmore College. At the University of California, San Diego. Here, she earned a Master of Science in Materials Science and Engineering, followed by a PhD in Mechanical and Aerospace Engineering, completing her education in 2015. Her academic achievements underscore her deep expertise and dedication to pushing the boundaries of scientific exploration.

Throughout her illustrious career spanning over a decade, Dr. Remington has amassed multiple pending patents and has actively contributed to pioneering research initiatives. Her seminal works, including groundbreaking articles on Numerical Simulations of Laboratory-Scale Hypervelocity-Impact Experiments for Asteroid-Deflection Code Validation and Deformation and failure in extreme regimes by high-energy pulsed lasers, highlight her pivotal role in advancing the frontiers of science and technology.

An active member of the American Physical Society, Dr. Remington remains committed to fostering collaborative partnerships and driving impactful change within her field. Her contributions have not only garnered acclaim but have also set new standards for innovation and excellence in physics and engineering.

Beyond her professional achievements, Dr. Remington attributes much of her success to the support of her family and peers, expressing gratitude to “all the dreamers” who have inspired and motivated her throughout her journey.

Looking ahead, Dr. Remington envisions a future marked by continued growth and success in her pursuit of environmental sustainability through technological advancement. Her unwavering commitment to innovation and scientific inquiry positions her as a catalyst for positive change in the global landscape of physics and engineering.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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The Inner Circle acknowledges, Donald B. Olson as a Pinnacle Life Achiever

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MIAMI, Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Donald B. Olson is acknowledged as a Pinnacle Life Achiever for his contributions in Leading Oceanography and Marine Science Innovator.

Dr. Donald B. Olson has established himself as a prominent figure in oceanography, marine, and atmospheric science over his illustrious 50-year career. Currently a professor at the University of Miami’s Rosenstiel School of Marine and Atmospheric Science since 1979, Dr. Olson’s contributions span across education, research, and international collaboration.

Dr. Olson’s academic journey began with a Bachelor of Science degree from the University of Wyoming in 1974, followed by both a Master of Science and a Doctor of Philosophy from Texas A&M University in 1976 and 1979, respectively. His early academic achievements paved the way for a distinguished career focused on advancing our understanding of oceanographic systems and their impact on marine ecosystems.

Throughout his career, Dr. Olson has been instrumental in fostering educational opportunities in South American oceanographic programs. He served as visiting faculty at the University of Buenos Aires and the University of Sao Paulo, pioneering graduate courses in physical oceanography tailored for fisheries and climate studies across Latin America. Additionally, Dr. Olson led a groundbreaking summer program on biophysical interactions in collaboration with Massachusetts Institute of Technology, supported by funding from the U.S. Navy to enhance biophysical models of the ocean.

Dr. Olson’s expertise spans multiple disciplines within oceanography, including marine ecosystem ecology, mesoscale oceanography, and mathematical physiology. He is a member of prestigious scientific organizations such as the American Meteorological Society, American Geophysical Union, American Association for the Advancement of Science, Oceanographic Society, and American Fisheries Society, reflecting his influence and recognition in the field.

His prolific research has garnered numerous grants from institutions like the Office of Naval Research, the National Science Foundation, and NASA. Dr. Olson’s work is widely published, with over 150 articles in scholarly journals and contributions to various book chapters. He has also served as an associate editor for Oceanography magazine, the Journal of Marine Research, and as editor of Geophysical Research Letters-Oceans.

Recognized for his outstanding contributions, Dr. Olson received the Distinguished Alumni Award from the University of Wyoming, celebrating his impact on oceanographic research and education. Looking ahead, Dr. Olson remains committed to advancing oceanographic knowledge, fostering international collaborations, and mentoring future generations of scientists in the field.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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