Akin Gump Advises Francisco Partners in $250 Million Senior Secured Term Loan Facility to 8x8, Inc.
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(San Francisco) – 8x8, Inc., a leading integrated cloud communications platform provider, and Francisco Partners have announced that they entered into a credit agreement valued at $250 million. Akin Gump represented Francisco Partners in the transaction.
Under the credit agreement, Francisco Partners have provided a customized capital solution as 8x8 intends to use the facility to fund the cash portion of approximately $404 million principal amount of its 0.50% convertible notes due 2024 and its concurrent repurchase of approximately $60 million of its common stock. Subject to customary closing conditions, the first lien term loan facility is expected to be funded on August 10, 2022.
In conjunction with the term loan facility, the company also issued detachable warrants exercisable for an aggregate of 3.1 million shares of the company’s common stock to Francisco Partners and its affiliates. The warrants carry a five-year term and an exercise price equal to $7.15, representing a 27.5% premium over the closing price of the company’s common stock on August 3, 2022, the pricing date.
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The Akin Gump team advising Francisco Partners was led by corporate partners Lucas Charleston, Ryan Cox and Daniel Fisher and included counsel Carlos Villota and associates Mary Kate Thompson and Jack Polisini.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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