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Sonus Networks Inc announces pricing of offering of common stock by selling stockholder and concurrent share repurchase

Friday, 21 Mar 2014 08:24am EDT 

Sonus Networks Inc:Pricing of underwritten public offering of 37.5 mln shares of its common stock on behalf of Galahad Securities Limited and its affiliated entities at $3.53 per share.Underwriter of offering has been granted 30-day option to purchase up to 5.625 mln additional shares from Legatum Group.Legatum Group will receive all proceeds from underwritten offering, no shares in underwritten offering are being sold by Sonus or any of its officers or directors.Sonus will repurchase from underwriter about 21.5 mln shares of its common stock that are subject of offering at about $3.49 per share.Intends to fund share repurchase with cash on hand.Repurchased shares will no longer be outstanding following completion of this offering.Offering and share repurchase are expected to close on or about March 25. 

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