Cerence Pulls the Trigger on Restructuring Debt
"We have planned to refinance the debt, but unfortunately, market conditions deteriorated, and we have put that project on hold until market conditions are more favorable," Cerence (NASDAQ: CRNC) CFO Mark Gallenberger said on the Q2 earnings call earlier this month. It wasn't quite clear how long the company, which makes artificial intelligence (AI) and virtual assistant technology for automakers, was planning to wait, but financial markets have continued to stabilize in recent weeks, economic fallout of the coronavirus pandemic notwithstanding.
Cerence today announced a proposed offering of $150 million convertible senior notes, pulling the trigger on the debt restructuring.
Cerence recently renewed its partnership with Audi. Image source: Audi.
Source Fool.com
