Sonus offering 37.5M shares on behalf of investment firm

Sonus (SONS) is selling 37.5M shares through a public offering on behalf of investment firm Legatum Group. Underwriters have a 5.625M-share overallotment option. (prospectus)

The offering will lower Legatum's stake in Sonus to 6.21% from 22.12%.

In tandem, Sonus plans to buy back $75M worth of shares from the offering's underwriter at a price equal to the one paid by the underwriter to Legatum. At current levels, Sonus' buyback would be good for repurchasing 7.5% of shares.

Sonus had $246M in cash/investments at the end of 2013 to finance buybacks with, and only $3M in debt.

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