On the 27th of June, Avaya announced $600 million in aggregate financing commitments. The Company priced $350 million in aggregate principal amount of new Senior Secured Term Loans (the “Term Loan”) and entered into agreements for the private placement of $250 million in aggregate principal amount of Exchangeable Senior Secured Notes (the “Notes”), all due in 2027.
The combined principal amount of the offerings was raised from the previously announced offering size of $500 million due to increased demand. The closing of each transaction is expected to occur substantially concurrently and is subject to market and customary closing conditions.
“We are pleased with the successful execution of this financing,” said Kieran McGrath, Chief Financial Officer, Avaya. “This funding supports and accelerates our business model transformation and addresses our convertible notes maturing in June of next year.”