SAN FRANCISCO, March 1, 2016 /PRNewswire/ -- RPX Corporation (NASDAQ: RPXC) today announced that is has closed a $150 million credit facility, which includes a $100 million term loan A and a $50 million revolving credit facility. The facility has a 5 year term and an initial interest rate of LIBOR plus 2.5% for the term loan A and revolving credit facility, if drawn. Proceeds from the credit facility will be used for general corporate purposes including syndicated acquisitions, share repurchases, and expansion opportunities.
RPX also announced that the Board of Directors has approved a $25 million increase in the firm's share buyback authorization to $100 million.
As part of the share repurchase program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Exchange Act"). The timing, manner, price and amount of any repurchases will be determined in the Company's discretion and will depend on factors such as cash generation from operations, other cash requirements, economic and market conditions, stock price and legal and regulatory requirements. The share repurchase program does not have an expiration date and may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases.
About RPX RPX Corporation (NASDAQ: RPXC) is the leading provider of patent risk management and discovery management solutions. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network.
As of December 31, 2015, RPX had invested over $2 billion to acquire more than 15,000 US and international patent assets and rights on behalf of more than 250 clients in eight key sectors: automotive, consumer electronics and PCs, E-commerce and software, financial services, media content and distribution, mobile communications and devices, networking, and semiconductors.
RPX subsidiary Inventus is a leading international discovery management provider focused on reducing the costs and risks associated with the discovery process through the effective use of technology solutions. Inventus has been providing litigation support services to corporate legal departments, law firms and government agencies since 1991.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Exchange Act. These forward-looking statements include statements regarding the share repurchase program, the future financial performance of RPX, the expected use of proceeds of any credit facilities, and any statements regarding the Company's strategic and operational plans. The Company's actual results may differ materially from those predicted or implied in these forward-looking statements. Factors that may contribute to such differences include, among others, market conditions, our common stock price, and the Company's failure to achieve anticipated revenues and operating results. More information about potential factors that could affect the Company's business and financial results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual report on Form 10-K and its quarterly reports on Form 10-Q on file and available at the SEC's website at www.sec.gov. The Company does not intend, and undertakes no duty, to update any forward-looking statements to reflect future events or circumstances.
Investor Relations Contact: JoAnn Horne Market Street Partners +1.415.445.3233 email@example.com
Media Contact: Allan Whitescarver RPX Corporation +1.415.852.3171 firstname.lastname@example.org
SOURCE RPX Corporation