Avaya Announces $600M Financing

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  • Upsized from previously announced $500 million due to robust demand

  • Funds June 2023 maturities and supports acceleration of business model transformation

  • Transactions expected to close this quarter

Avaya Holdings Corp. (the “Company” or “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.

“This funding supports and accelerates our business model transformation and addresses our convertible notes maturing in June of next year.”

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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.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

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