AVYA - Why Avaya Stock Crashed 22% Today
Shares of Avaya Holdings (NYSE: AVYA) got destroyed in early Friday trading, down 22.2% as of 10:10 a.m. ET, after the heavily indebted communications software maker announced...it's issuing more debt.
Specifically, in an 8-K filing with the SEC, Avaya disclosed that it is selling an additional $150 million worth of "8.00% Exchangeable Senior Secured Notes due 2027." In combination with previous announcements, this means the company will soon have $250 million worth of these debt obligations outstanding.
Why is this significant? Well, look at what Avaya itself said about the upsized offering.
For further details see:
Why Avaya Stock Crashed 22% Today