Sonus Networks To Repurchase 7.4 Mln Shares In Privately Negotiated Transaction

(RTTNews) - Sonus Networks Inc. (SONS) announced that, as part of its previously announced stock buyback program, it has agreed to repurchase approximately 7.4 million shares of the company's common stock in a privately negotiated transaction with Galahad Securities Limited and its affiliated entities or "Legatum Group" at $3.40 per share, the market closing price on August 22, 2013, for a total purchase price of approximately $25 million. The company noted that it will pay for the share repurchase using cash on hand.

Prior to the transaction, as reflected in filings made by the Legatum Group with the Securities and Exchange Commission, the Legatum Group owned 67.3 million shares, or approximately 24%, of the company's outstanding common stock. The repurchased shares will be cancelled, resulting in 275.5 million shares of the company's common stock, $0.001 par value, outstanding. As a result of the transaction, the Legatum Group will own 59.9 million shares, or approximately 22%, of the Company's outstanding common stock.

The company announced on July 29, 2013 that the Board had authorized a stock buyback program to repurchase up to $100 million of the Company's common stock.