Ribbon Expects Minimal Impact from Silicon Valley Bank Closure
Mar 13, 2023
Plano, TX – Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced that it does not expect the closing of Silicon Valley Bank (SVB) to have a significant impact on its operations.
“As we disclosed in our Form 8-K filing, we withdrew funds on deposit with SVB as of March 9, 2023, and expect customer deposits that were made after that date to be fully available to us, based on the FDIC’s statement that all insured depositors will have access to their deposits starting today,” said Mick Lopez, EVP and CFO, Ribbon. “Additionally, while SVB was one of the lenders under our Credit Facility, we are confident that other lenders under this Facility will be able to fund any requested draws on the revolver, enabling us to continue our operations unimpeded.”
Ribbon follows a diversified strategy when it comes to deposit and lending institutions, allowing it to minimize risk and ensure ongoing access to working capital. The company continues to monitor the situation with respect to the closure of SVB.
About Ribbon Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon, please visit rbbn.com.
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