NET Announces Final Results of Offer to Purchase 3.75% Convertible Senior Notes due 2014
Network Equipment Technologies, Inc. (“NET”), a wholly owned subsidiary of Sonus Networks, Inc. (“Sonus”; NASDAQ: SONS), announced today the final results of its offer to purchase its outstanding 3.75% Convertible Senior Notes due 2014 (CUSIP No. 641208 AC7) (the “Notes”), subject to the terms and conditions of NET's Fundamental Change Company Notice, dated August 27, 2012, the Indenture governing the Notes and the Notes (the “Offer”). The Offer expired at 11:59 p.m., New York City time, on October 9, 2012 (the “Expiration Time”).
The Trustee has advised NET that at or prior to the Expiration Time, Notes in an aggregate principal amount of $8,120,000 were validly tendered and not validly withdrawn in the Offer. NET has accepted for purchase all of the tendered Notes. NET will make payment for all Notes tendered and accepted for purchase in the Offer on October 12, 2012 (the “Fundamental Change Purchase Date”). Following the Fundamental Change Purchase Date, $2,380,000 aggregate principal amount of Notes will remain outstanding.
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