WESTFORD, Mass. -- (BUSINESS WIRE) -- Sonus Networks, Inc. (Nasdaq: SONS), today announced the commencement of an underwritten public offering of 37.5 million shares of its common stock on behalf of Galahad Securities Limited and its affiliated entities (together, the "Legatum Group"). The underwriter of the offering has been granted a 30-day option to purchase up to 5.625 million additional shares from the Legatum Group. The Legatum Group will receive all the proceeds from the underwritten offering; no shares in the underwritten offering are being sold by Sonus or any of its officers or directors.
In addition, subject to the completion of the offering, Sonus intends to repurchase from the underwriter approximately $75 million of its common stock at a price per share equal to the price per share to be paid by the underwriter to the Legatum Group in the underwritten offering. Sonus intends to fund the share repurchase with cash on hand. The repurchased shares will no longer be outstanding following completion of this offering.
The shares of common stock are being offered pursuant to a shelf registration statement (including a prospectus) that was automatically effective upon filing with the Securities and Exchange Commission, together with an accompanying prospectus supplement. Before you invest, you should read the prospectus in that shelf registration statement and the accompanying prospectus supplement. Goldman, Sachs & Co. is acting as the underwriters for the offering. A copy of the prospectus and accompanying prospectus supplement related to this offering may be obtained by contacting: Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526, or by emailing firstname.lastname@example.org. The documents may also be obtained for free from the SEC’s EDGAR database available online at www.sec.gov.