Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today announced that its Board of Directors has authorized the repurchase of $400 million, or approximately 20 percent of the Company’s outstanding common stock, through a $250 million modified “Dutch Auction” self-tender offer and subsequent open market purchases or privately negotiated transactions. This action is consistent with Polycom’s continuing commitment to delivering value to shareholders, as discussed on the Company’s Second Quarter 2013 conference call. The Company expects to fund the program with $150 million in cash and a new $250 million term loan. The Company intends to launch the tender offer on September 13, 2013, and expects it will expire on October 30, 2013. “Today’s announcement underscores our confidence in the company’s business, our market position and the long-term growth potential of our industry,” stated Kevin Parker, Chairman of the Board and Interim CEO. “We intend to create significant value for shareholders as we realize the potential of the strategic investments we’re making in the business, streamline operations and deploy our capital resources and balance sheet to maximize return.” Polycom has retained Morgan Stanley Senior Funding, Inc. as sole lead arranger and joint bookrunner for a new term loan facility, which will bear interest at LIBOR plus 1.75% and carry a maturity of five years. Closing and funding of the term loan is scheduled to be completed on September 13, 2013, subject to the execution of definitive documentation and the satisfaction of customary closing conditions. Polycom intends to commence the $250 million self-tender offer at a price of not less than $10.00 and not more than $11.50 per share and, at the midpoint of such range, expects to purchase approximately 23 million shares. The self-tender offer is expected to commence on Friday, September 13, 2013, and expire at 5:00 pm, Eastern Daylight Time on Wednesday, October 30, 2013, unless extended. Polycom has retained Morgan Stanley & Co. LLC as the dealer manager for the self-tender offer. LionTree Advisors is acting as capital markets advisor in connection with the overall transaction, including the contemplated financing and return of capital.