HOLMDEL, N.J., Oct. 7 NJ-Vonage-Stock-Mtg
HOLMDEL, N.J., Oct. 7 /PRNewswire-FirstCall/ -- Vonage Holdings Corp. (NYSE: VG), a leading provider of broadband telephone services, has announced that it will hold a Special Stockholders' Meeting on Monday, November 3, 2008. The purpose of the meeting is to seek approval pursuant to New York Stock Exchange requirements of the issuance of Vonage common stock upon conversion of certain convertible debt securities of Vonage. Vonage previously announced proposed debt financing with Silver Point Finance, LLC ("Silver Point") consisting of up to $215 million in private debt financing consisting of a $95.0 million senior secured first lien credit facility and the sale of $90.0 million of convertible secured second lien notes due 2015. The proposed debt financing also contemplated assembling a syndicate of other lenders to provide up to $30 million of an incremental senior secured first lien credit facility. The private debt financing led by Silver Point is now expected to consist of a $130.3 million senior secured first lien credit facility, a $72.0 million senior secured second lien credit facility and the sale of $18.0 million of convertible secured third lien notes due 2015 (the "New Convertible Securities"). The availability of the Silver Point financing continues to be subject to the negotiation and execution of definitive documentation. Once documentation is signed, closing for the full $220.3 million financing is expected to occur in November of 2008. The meeting on November 3, 2008 to seek approval of the issuance of common stock upon conversion of the New Convertible Securities will begin at 10:00 a.m., local time and will be held at Vonage Holdings Corp., 23 Main Street, Holmdel, NJ 07733.
Stockholders of record at the close of business on October 16, 2008 are entitled to attend the November 3, 2008 Special Stockholders' Meeting and vote their shares. In accordance with Vonage's security procedures, all stockholders attending the Special Stockholders' Meeting must present an acceptable form of photo identification and proof of share ownership as of the close of business on October 16, 2008.
Additional information regarding stockholder approval of the issuance of common stock described above is included in the preliminary proxy statement that Vonage filed on Tuesday, October 7, 2008 with the Securities and Exchange Commission. Stockholders are encouraged to read the preliminary proxy statement and the final proxy statement when it becomes available because they contain important information. The final proxy statement will be mailed to stockholders of record. If your shares are held through a broker, trustee or other nominee, such as a bank, then you are the beneficial owner of shares held in "street name" and you must rely on the procedures of your broker, trustee or other nominee to receive the proxy statement that we mail to record holders. An electronic copy of the preliminary proxy statement, and the final proxy statement when it becomes available, may be obtained from the Securities and Exchange Commission's website, www.sec.gov, for free.
About Vonage
Vonage (NYSE: VG) is a leading provider of broadband telephone services with more than 2.6 million subscriber lines. Our award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. We offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services.
Our Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail -- for one low, flat monthly rate. Vonage's service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. For more information about Vonage's products and services, please visit http://www.vonage.com.
Vonage Holdings Corp. is headquartered in Holmdel, NJ. Vonage(R) is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp.
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SOURCE Vonage Holdings Corp.
