Riverbed Technology announced a Restructuring Support Agreement with its equity sponsors and an ad hoc group of lenders holding a super-majority of its funded secured debt regarding the terms of a comprehensive financial restructuring that will reduce its funded secured debt by over $1 billion and provide a $100 million cash infusion.
“We are pleased to have reached this agreement, which is an important step forward in securing our long-term success as we continue to execute our strategy and deliver relevant technologies to our customers that are critical for today’s digital and hybrid workplace,” said Dan Smoot, President and CEO of Riverbed Technology. “Since I became CEO in June, the team and I have been focused on taking Riverbed to the next level, driving profitable growth and accelerating innovation to support our customers and partners, and I am pleased with the strong double-digit bookings growth for our visibility solutions that we saw in the third quarter. Our solid business foundation enables us to take these actions, which will be critical in our ongoing initiative to strengthen our financial position and fuel our next phase of growth. Following the implementation of the RSA, we look forward to moving ahead as a financially stronger company.”
Mr. Smoot continued, “We are grateful to have the support of all the investors in our capital structure as we undertake this process, which demonstrates their confidence in our business and will enable us to complete this financial recapitalization on an expedited basis. Our team is as dedicated as ever to serving our amazing customers around the world and providing the leading end-to-end visibility and network and acceleration solutions that they have come to expect. We are confident that the proactive steps we are taking today will allow us to further invest in the Company and best position Riverbed to meet the needs of our customers in the markets we serve. We thank our customers and partners for their continued support, and our employees for their commitment to Riverbed.”
Riverbed appoints Dan Smoot as President and CEO
