Business Wire

Rimini Street Announces $140 Million Refinancing

Del

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced it has entered into a binding agreement with a syndicate of investors, including a fourth round of equity participation by Rimini Street’s largest shareholder, Adams Street Partners, to refinance its current credit facility with the issuance of $140 million of Series A convertible preferred stock and 2.9 million shares of common stock. Closing is subject to a shareholder vote and certain other customary closing conditions. Holders of a majority of the Company’s common stock have agreed to vote in favor of the transaction, and the Company expects the transaction to close in the third quarter of 2018.

The transaction is expected to unlock more than $95 million of cash flow over the next three years as compared to the current credit facility. The transaction extends the expected financing maturity from 2020 for the current credit facility to 2023 for the new financing, when the preferred equity may be redeemed by the holders in full.

The Series A convertible preferred stock is subject to an original issuance discount of 5%, has a conversion price of $10.00 per common share (representing a 72% premium over the $5.83 closing price per common share on June 15, 2018), a cash dividend of 10% per annum paid quarterly and a payment-in-kind (PIK) dividend of 3% per annum capitalized quarterly. Rimini Street may redeem for cash up to $80 million of the convertible preferred equity under certain circumstances within the initial three years, subject to ‘make whole’ dividends for that period, and after three years may redeem all of the preferred equity or force its conversion into common stock under certain circumstances.

Rimini Street will also issue approximately 2.9 million shares of common stock to the investors, and the redemption obligations of the company will be secured by promissory notes. Additional material terms of the financing, including when the promissory notes may replace the preferred stock, can be found in the Company’s SEC filings.

“Rimini Street has delivered 49 consecutive quarters of revenue growth by providing value-driven, innovative support solutions and exceptional service that meet the support service needs of enterprise software licensees worldwide,” said Seth A. Ravin, Rimini Street CEO. “This $140 million Series A convertible preferred equity transaction achieves one of our stated 2018 financial priorities by replacing our current credit facility with an equity instrument that provides the Company a significantly lower cost of capital over the next three years, and more operational flexibility to invest in new products, services and growth.”

Transaction Advisors

Cowen served as exclusive financial advisor and placement agent to Rimini Street. Gibson Dunn & Crutcher LLP acted as legal counsel to Rimini Street.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, based on both the number of active clients supported and recognition by industry analyst firms. The Company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, Salesforce, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,580 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations as to timing and successful completion of the equity financing transaction, future events, future opportunities and growth initiatives, and projections of cost savings. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, closing of the financing transaction described herein, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse litigation developments or government inquiry; the final amount and timing of any refunds from Oracle related to our litigation; our ability to refinance existing debt on favorable terms; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the success of our recently introduced products and services, including Rimini Street Mobility, Rimini Street Analytics, Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of RMNI common stock; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on March 15, 2018, as updated from time to time by Rimini Street’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2018 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

Contact information

Investor relations contact:
Rimini Street, Inc.
Dean Pohl, +1 925-523-7636
dpohl@riministreet.com
or
Media relations contact:
Rimini Street, Inc.
Michelle McGlocklin, +1 925-523-8414
mmcglocklin@riministreet.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Adnuntius Enriches Geotargeting Capabilities With Digital Element’s IP Intelligence Solution13.12.2018 09:02Pressemelding

Digital Element, the global IP geolocation data and services provider, has today announced that specialist online advertising and marketing platform, Adnuntius, has chosen its NetAcuity PulseTM technology to improve targeting capabilities for its global publishing and marketing clients. Adnuntius provides a holistic solution for data utilisation, programmatic buying and selling, and effective ad serving to clients internationally. By deploying Digital Element’s NetAcuity Pulse IP intelligence, Adnuntius will achieve the highest level of geotargeting available for its clients, right down to a hyper-local postcode level. The identification of connection type and speed, mobile carrier and internet service provider also helps Adnuntius’ clients to effectively build highly accurate targeting profiles. “We enable publishers and marketers to reach the right audience with the right ad in the right context,” commented Stian Remaad, CEO and Co-Founder Adnuntius. “When a user goes to a webpage us

Entersekt Gains Early Certification for E-Commerce Authentication Solution13.12.2018 08:00Pressemelding

Entersekt, an innovator in mobile-first fintech solutions, today announced that it has gained EMVCo certification for its 3-D Secure 2 access control server. EMVCo is a payments industry consortium managing global specifications for secure card-based e-commerce transactions. Entersekt has offered a 3-D Secure access control server (ACS) for many years. Its mobile-optimized solution was among the first to be accredited by Visa, Mastercard, and American Express. It has proved popular among consumers in Europe and South Africa, who continue to enjoy the password-free, one-touch experience it makes possible. “Several years ago, Entersekt was the first company in Africa to earn accreditation for its ACS from all three of the big card networks,” recalled Entersekt’s SVP products Niel Bester of an early milestone in the company’s history. “This time around, with 3-D Secure 2, I’m pleased to see we are not only the first in Africa but fifteenth in the world. Congratulations, team, this yet aga

Traxens Trials Internet-of–Things (IoT) Network in a Port Environment for the First Time at MSC Terminal Valencia13.12.2018 08:00Pressemelding

Traxens, a company providing high-value data and services for the supply chain industry, today announces that it is collaborating with MSC Mediterranean Shipping Company, a global leader in transportation and logistics, on a pilot IoT project in the Port of Valencia, Spain, aimed at improving the operational efficiency of the port. Specifically, Traxens co-operates on this project with MSC Terminal Valencia and the Port Authority at the Port of Valencia, and Fundacion Valenciaport (FVP). The trial started in September 2018. As part of the pilot project, MSC Spain trucks have been equipped with Traxens’ dedicated IoT devices, allowing for near real-time tracking of movement of vehicles. This can help port authorities to predict and manage potential congestions, as well as to anticipate truck arrivals at the gates. Overall operational efficiency is therefore expected to significantly improve due to easy monitoring of on-site road activity, improved fleet management as well as pre- and po

Energy Observer Vessel Fitted with Oceanwings® Wingsails, the Solution Devised by VPLP and CNIM to Decarbonize Maritime Transport13.12.2018 07:52Pressemelding

Energy Observer , the first hydrogen-powered vessel aiming to achieve energy self-sufficiency, with zero greenhouse gas and fine particle emissions, has been equipped with Oceanwings ® wingsails. This hybrid propulsion system consisting of a composite mast 12m high and two sails of 32m², will reduce the craft's energy spending. Designed by VPLP Design, Oceanwings ® wingsails are jointly developed and manufactured in CNIM's industrial facilities in La Seyne-sur-Mer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181212005969/en/ (Photo: Business Wire) Installation of Oceanwings® on board Energy Observer is a first step towards reducing the environmental impact of global shipping. Inspired by the rigid sails of the America's Cup, this technology allows energy savings of between 18 and 42% depending on the vessel. A significant figure when it is recalled that 90% of all world trade transits by sea. Some 50,000 ships are therefo

c-LEcta: Successful Transformation into a Product Company in 2018 with a Promising Outlook for 201913.12.2018 07:00Pressemelding

c-LEcta, a globally active biotechnology company with technology leadership in enzyme engineering and bioprocess development for regulated markets such as the food and pharmaceutical industries, continued its successful development towards becoming a product company in fiscal year 2018. Successful products marketed by c-LEcta itself such as DENARASE ® contributed to this development. The company also actively advanced the expansion of its corporate structures to support its current growth course and successfully exploit future market potentials. For c-LEcta, the end of fiscal year 2018 has been marked by successful transformation. The company is going through a development process from a project company into a product company to better exploit existing market potentials in the food and pharmaceutical industries, and to continue its strong growth. Project business activities as a service business in contract research were completely discontinued last year on strategic grounds. This step

Gemalto and GlobalmatiX Go Full Speed with High Performance IoT Automotive Telematics13.12.2018 06:00Pressemelding

To meet growing demand for secure, high performance IoT telematics solutions, Gemalto and GlobalmatiX, a fully owned subsidiary of Softing AG, have teamed up to deliver an innovative solution that excelled in the grueling Porsche GT4 Cup championship race. The Gemalto Cinterion LTE Cat. 1 IoT Module and a Gemalto eSIM delivered secure, reliable wireless connectivity for the GlobalmatiX Telematics Control Unit (xTCU) enabling continuous monitoring, communications and remote predictive maintenance. The solution is available immediately to global OEMs. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181212005599/en/ Automotive Telematics. Credit: GlobalmatiX Gemalto-enabled telematics device is racecar tested and approved Installed in a Porsche Cayman GT4 racecar, the Gemalto-enabled GlobalmatiX xTCU device was put to the test at Nürburgring racecourse, excelling under extreme conditions of heat, vibration and speeds of up to 28