NUAN - Nuance Communications to bring down debt in exchange of equity issue

Nuance Communications (NUAN) announces private agreement with investors to issue 17.9M common shares in exchange of certain outstanding convertible debentures.It includes: Issue of 14.7M common shares plus $4M cash for $354.8M in principal amount of its 1% senior convertible debentures due 2035; and 3.2M shares plus $0.5M cash in exchange of $64.9M in principal amount of its outstanding 1.50% senior convertible debentures due 2035.The company says following the exchanges, a total of $321.7M of 1% convertible debentures and $162.5M of 1.5% convertible debentures will remain outstanding.The transactions are expected to close on May 28, 2021.Stock is down 0.3% in pre-market trading.Microsoft last month agreed to purchase Nuance Communications (NASDAQ:NUAN) in a deal valued at almost $20B.Later, the media reports and proxy filings further indicated that Amazon also has shown interest in an acquisition last year.

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Nuance Communications to bring down debt in exchange of equity issue