AVYA - Avaya shares nosedive following report of new debt deal

Digital communications software and services company Avaya (NYSE:AVYA) saw its shares drop by as much 10%, Wednesday, following a report that it is looking to raise as much as $500 in new secured debt. According to a report from Bloomberg, Avaya (AVYA) is working with Goldman Sachs and J.P. Morgan Chase to raise its debt amount. The move is seen as part of Avaya's (AVYA) efforts to refinance a $350 million convertible note that is due in June 2023. The last few weeks have tested the nerves of Avaya's (AVYA) shareholders. On May 10, Avaya (AVYA) reported second-quarter results that disappointed Wall Street and led to the company's shares dropping to a 52-week-low. Last week, investors reversed course and sent Avaya's (AVYA) shares back north amid heavy trading volume.

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Avaya shares nosedive following report of new debt deal