Benefitfocus Enters Into Purchase Agreements With Certain 1.25 Percent Convertible Noteholders
September 15 2021 - 7:00AM
Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading
benefits technology platform that simplifies benefits
administration for employers, health plans and brokers, today
announced that it has entered into privately negotiated purchase
agreements with certain holders (the “Noteholders”) of its 1.25%
Convertible Senior Notes due 2023 (the “2023 Notes”). Benefitfocus
has agreed to repurchase approximately $100.2 million in aggregate
principal amount of the outstanding 2023 Notes for approximately
$98.2 million in cash.
The 2023 Notes repurchased represent
approximately 45% of the outstanding principal amount, with
approximately $121.1 million in aggregate principal amount
remaining outstanding following the repurchase. Benefitfocus’
annual interest payments will be reduced by approximately $1.25
million. The repurchases of the 2023 Notes are expected to close on
September 20, 2021.
This press release does not constitute an offer
to sell or a solicitation to buy any of the securities described
herein, nor shall there be any offer, solicitation, or sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry
through innovative technology solutions that bring efficiency, cost
savings and simplicity to employee benefits administration. Our
powerful cloud-based software, data-driven insights and
thoughtfully designed services help employers, insurance brokers,
health plans and suppliers address the complexity of benefits
enrollment and engagement, while bringing easier access to health,
wealth and lifestyle products through a world-class benefits
experience. Our mission is simple: to improve lives with
benefits.
Safe Harbor Statement
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results might differ materially
from those explicit or implicit in the forward-looking statements.
Important factors that could cause actual results to differ
materially include: risks regarding whether we can complete the
repurchases of the 2023 Notes and regarding the impact of the
repurchases on the trading price of our common stock; potential
volatility; risks associated with our business and the other risk
factors set forth from time to time in our SEC filings, copies of
which are available free of charge within the Investor Relations
section of the Benefitfocus website at
http://investor.benefitfocus.com/sec-filings or upon request from
our Investor Relations Department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Benefitfocus, Inc.843-981-8898pr@benefitfocus.com
Investor Relations:Patti
Leahy843-981-8899ir@benefitfocus.com
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