Benzinga | May 26, 2021 08:47AM EDT

Nuance Announces Agreements To Issue 17.9M Shares Of Its Common Stock In Exchange For $354.8M Of 1% Senior Convertible Debentures Due 2035 And $64.9M Of Its 1.50% Senior Convertible Debentures Due 2035

Nuance Communications, Inc. (NASDAQ:NUAN) (the "Company") today announced that it entered into privately negotiated agreements with certain investors to exchange (i) an aggregate of 14.7 million shares of the Company's common stock and $4.0 million in cash for $354.8 million principal amount of its outstanding 1.00% senior convertible debentures due 2035 (the "1.00% Convertible Debentures") held by such investors and (ii) an aggregate of 3.2 million shares of the Company's common stock and $0.5 million in cash for $64.9 million principal amount of its outstanding 1.50% senior convertible debentures due 2035 (the "1.50% Convertible Debentures") held by such investors (collectively, the "Exchanges").

The Exchanges are expected to close on or about May 28, 2021. Following the Exchanges, an aggregate of $321.7 million principal amount of 1.00% Convertible Debentures and $162.5 million principal amount of 1.50% Convertible Debentures (including $118.3 million surrendered for conversion and pending settlement) will remain outstanding.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any offer, solicitation or sale of any security, in any jurisdiction in which such offering, solicitation or sale would be unlawful.