Network Equipment Technologies, Inc. (“NET”), a wholly owned subsidiary of Sonus Networks, Inc. (“Sonus”; NASDAQ: SONS), announced today the final results of its offer to purchase its outstanding 3.75% Convertible Senior Notes due 2014 (CUSIP No. 641208 AC7) (the “Notes”), subject to the terms and conditions of NET’s Fundamental Change Company Notice, dated August 27, 2012, the Indenture governing the Notes and the Notes (the “Offer”). The Offer expired at 11:59 p.m., New York City time, on October 9, 2012 (the “Expiration Time”).
The Trustee has advised NET that at or prior to the Expiration Time, Notes in an aggregate principal amount of $8,120,000 were validly tendered and not validly withdrawn in the Offer. NET has accepted for purchase all of the tendered Notes. NET will make payment for all Notes tendered and accepted for purchase in the Offer on October 12, 2012 (the “Fundamental Change Purchase Date”). Following the Fundamental Change Purchase Date, $2,380,000 aggregate principal amount of Notes will remain outstanding.
About Network Equipment Technologies, Inc.:
Network Equipment Technologies, Inc. is a wholly owned subsidiary of Sonus Networks, Inc. (“Sonus”). Sonus helps the world’s leading communications service providers and enterprises embrace the next generation of SIP-based solutions including VoIP, video and Unified Communications through secure, reliable and scalable IP networks. With customers around the globe and 15 years of experience transforming networks to IP, Sonus has enabled service providers and enterprises to capture and retain users and generate significant ROI. Sonus products include session border controllers, policy/routing servers, subscriber feature servers and media and signaling gateways. Sonus products are supported by a global services team with experience in design, deployment and maintenance of some of the world's largest and most complex IP networks. For more information, visit www.sonus.net or call 1-855-GO-SONUS.Forward-Looking Statements: This press release contains forward-looking statements, including statements about the expected timing and completion of the Offer described above, within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements are based on current expectations, forecasts and assumptions that involve risks and uncertainty that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Factors that could affect such results include changes in conditions of the market for the company’s products, the company’s ability to renegotiate contracts, demand for the company’s surplus real estate, and the need to maintain or replace certain skills or capabilities. NET disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.