RTTNews | Sep 11, 2020 10:32AM EDT

10:32 Friday, September 11, 2020 (RTTNews.com) - Shares of RingCentral Inc. (RNG) are down almost 5 percent or $13.51 in Friday's morning trade at $264.54.

Friday, RingCentral said it has priced $650 million aggregate principal amount of 0 percent convertible senior notes due 2026 in a private placement to qualified institutional buyers.

The notes priced with a 52.5 percent conversion premium to the last reported sale price per share, of about $278 per share, of RingCentral's Class A common stock on September 10, 2020.

The company said it will use approximately $452.5 million of the net proceeds from the offering to repurchase about $132.6 million of principal amount of its outstanding 2023 notes. The remainder of the proceeds will be used for general corporate purposes, among others.

RingCentral has traded in a range of $120.03 to $317.84 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3127973/stock-alert-ringcentral-down-5-after-pricing-convertible-note-offering.aspx)

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