Avaya Announces Upsize and Pricing of Its Senior First Lien Notes Offering
September 11 2020 - 7:49PM
Business Wire
Avaya Holdings Corp. (NYSE: AVYA) (“Avaya”) today announced that
in response to strong demand its wholly-owned subsidiary, Avaya
Inc. (the “Company”) has upsized its previously announced private
offering (the “offering”) of Senior First Lien Notes due 2028 (the
“notes”). The Company also today priced the offering of $1 billion
in aggregate principal amount of notes, which will bear cash
interest at a rate of 6.125% per annum, payable semi-annually on
March 15 and September 15, beginning on March 15, 2021. The notes
will be the Company’s senior secured obligations and will be
guaranteed on a senior secured basis by Avaya and each of the
Company’s wholly-owned domestic subsidiaries that guarantee the
Company’s term loan and asset-based revolving credit
facilities.
The Company intends to use the proceeds from the offering to
repay, repurchase or otherwise make certain payments in respect of
outstanding indebtedness under its term loan credit facility and
pay related fees, costs, and expenses. The closing of the offering
is expected to take place on September 25, 2020 and is subject to
customary closing conditions.
The notes and the related guarantees have not been and will not
be registered under the Securities Act of 1933, as amended (the
“Securities Act”), any state securities laws or the securities laws
of any other jurisdiction, and may not be offered or sold in the
United States, or for the benefit of U.S. persons, except pursuant
to an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and
applicable state securities or blue sky laws. Accordingly, the
notes and the related guarantees are being offered only to persons
reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act and to non-U.S.
persons outside the United States pursuant to Regulation S under
the Securities Act.
A confidential offering memorandum for the offering of the notes
and the related guarantees has been made available to such eligible
persons. The offering is being conducted in accordance with the
terms and subject to the conditions set forth in such confidential
offering memorandum.
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.
About Avaya
Businesses are built by the
experiences they provide, and every day millions of those
experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA).
Avaya is shaping what’s
next for the future of work, with innovation and partnerships that
deliver game-changing business benefits. Our cloud communications
solutions and multi-cloud application ecosystem power personalized,
intelligent, and effortless customer and employee experiences to
help achieve strategic ambitions and desired outcomes. Together, we
are committed to help grow your business by delivering Experiences
that Matter.
Cautionary Note Regarding Forward-Looking Statements
This press release contains
certain “forward-looking statements.” All statements other than
statements of historical fact are “forward-looking” statements for
purposes of the U.S. federal and state securities laws. These
statements may be identified by the use of forward looking
terminology such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “our vision,”
“plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or
“would” or the negative thereof or other variations thereof or
comparable terminology. Avaya has based these forward-looking
statements on its current expectations, assumptions, estimates and
projections. While Avaya believes these expectations, assumptions,
estimates and projections are reasonable, such forward-looking
statements are only predictions and involve known and unknown risks
and uncertainties, many of which are beyond its control. The
factors are discussed in Avaya’s Annual Report on Form 10-K and
subsequent quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission (the “SEC”) available at www.sec.gov, and
may cause Avaya’s actual results, performance or achievements to
differ materially from any future results, performance or
achievements expressed or implied by these forward-looking
statements. Avaya cautions you that the list of important factors
included in Avaya’s SEC filings may not contain all of the material
factors that are important to you. In addition, in light of these
risks and uncertainties, the matters referred to in the
forward-looking statements contained in this press release may not
in fact occur. Avaya undertakes no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
Source: Avaya Newsroom
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version on businesswire.com: https://www.businesswire.com/news/home/20200911005519/en/
For media inquiries: Forrest Monroy fwmonroy@avaya.com
For investor inquiries: Mike McCarthy mikemccarthy@avaya.com
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