AVYA - Avaya closes debt offering resets capital structure

Avaya Holdings (AVYA +1.6%) says its Avaya Inc. unit has closed a previously annonced private offering of debt. The unit closed an offering of $1B in senior first-lien notes due 2028, bearing interest at 6.125% per annum. Proceeds were used to repay outstanding indebtedness under its existing senior secured first-lien term loans due December 2024. And $800M of those loans that were not repaid or repurchased extended maturity to December 2027. Avaya has also extended the maturity of its asset-based revolving facility to September 2025, from December 2022, and reduced commitments there to $200M from $300M.

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Avaya closes debt offering, resets capital structure