In addition, as a result of the spin-off, an adjustment is required to be made to the conversion rates of Nuance’s 1.00% Senior Convertible Debentures due 2035, 1.25% Senior Convertible Notes due 2025, 1.50% Senior Convertible Debentures due 2035, and 2.75% Senior Convertible Debentures due 2031. In connection with the spin-off today, Nuance completed the previously announced redemption of all of the $300.0 million aggregate principal amount of its outstanding 6.000% Senior Notes on Octo(the “Redemption Date”) at a redemption price equal to 104.500% of the principal amount of the 6.000% Senior Notes, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. LLC and Evercore served as Nuance’s financial advisors on the transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Baker McKenzie served as Nuance’s legal advisors. Cerence’s common stock will begin trading “regular way” on Wednesday, October 2, 2019, on the Nasdaq Global Select Market under “CRNC”. As a result, Nuance and Cerence are now separate publicly traded companies.
1, 2019 - Nuance Communications, Inc. (NASDAQ: NUAN), a leading provider of conversational AI, announced that it has completed the spin-off of Cerence Inc. (NASDAQ: CRNC) as of 5:00 p.m.