Internet phone company Vonage Holdings Corp. said Friday it signed a nonbinding letter of intent with a third party to provide $215 million in private debt financing.
Vonage expects about two-thirds of the financing to be provided through a senior secured credit facility and about one-third through issuance of convertible secured notes.
The company plans to use the proceeds and cash on hand to repay, or redeem its existing $253 million worth of convertible notes. As of March 31, Vonage had about $190 million in cash and cash equivalents.
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