Avaya Holdings Corp. (NYSE: AVYA) announced $600 million in aggregate financing commitments. The Company priced $350 million in aggregate principal amount of new Senior Secured Term Loans and entered into agreements for the private placement of $250 million in aggregate principal amount of Exchangeable Senior Secured Notes, all due in 2027.
The combined principal amount of the offerings was raised from the previously announced offering size of $500m due to increased demand. The closing of each transaction is expected to occur concurrently and is subject to market and customary closing conditions.
What were the executive’s thoughts on the financing?
“We are pleased with the successful execution of this financing. This funding supports and accelerates our business model transformation and addresses our convertible notes maturing in June of next year,” commented Kieran McGrath, Chief Financial Officer at Avaya.
This press release shall not constitute an offer to sell nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.