Brief: Ribbon Communications Inc - Does Not Expect The Closing Of Svb To Have A Significant Impact On Its Operations

Ribbon Communications

13/03/2023 18:28

March 13 (Reuters) - Ribbon Communications Inc  RBBN.O :
    * RIBBON COMMUNICATIONS INC - DOES NOT EXPECT THE CLOSING OF
SVB
TO HAVE A SIGNIFICANT IMPACT ON ITS OPERATIONS
    * RIBBON COMMUNICATIONS INC - WITHDREW FUNDS ON DEPOSIT WITH
SVB
AS OF MARCH 9, 2023
    * RIBBON COMMUNICATIONS INC - COMPANY’S CASH AND CASH
EQUIVALENTS
ARE DISTRIBUTED ACROSS MULTIPLE LARGE FINANCIAL INSTITUTIONS
    * RIBBON COMMUNICATIONS INC - ADDITIONAL PAYMENTS (ABOUT $4
MILLION) FROM CO'S CUSTOMERS WERE DEPOSITED INTO CO'S ACCOUNTS
AT SVB SUBSEQUENT TO WITHDRAWAL
    * RIBBON COMMUNICATIONS - BELIEVES THAT OTHER LENDERS UNDER
CREDIT
FACILITY WILL BE ABLE TO FUND ANY REQUESTED DRAWS CO MAY MAKE
    * RIBBON COMMUNICATIONS INC -  WHILE CO'S REMAINING DEPOSITS
WITH
SVB ARE LARGELY UNINSURED, EXPECTS TO RECOVER ITS REMAINING CASH
ON DEPOSIT AT SVB

Further company coverage:  RBBN.O 

 ((Reuters.Briefs@thomsonreuters.com;))