Plantronics Announces Proposed $500M Offering of Senior Notes and Amendment and Restatement of Senior Credit Facility

Plantronics, Inc. PLT today announced that it intends to offer, subject to market and other considerations, $500 million aggregate principal amount of senior notes due 2023 (the "Notes") through an offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. In connection with the offering of Notes, Plantronics has entered into an amended and restated senior credit facility to, among other things, reduce the commitments under Plantronics' existing senior credit facility from $200 million to $100 million in aggregate principal amount and to permit the issuance of the Notes. The amended and restated senior credit facility will become effective concurrently with the closing of the Notes. Plantronics intends to use approximately $151 million of the net proceeds from the offering, together with cash on hand, to repay all outstanding amounts under its senior credit facility. Pursuant to Plantronics's return of capital policy announced on March 4, 2015, Plantronics intends to use the remaining net proceeds from the offering for share repurchases and general corporate purposes. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.