By Chris Wack

 

Avaya Holdings Corp. said its Avaya Inc. subsidiary entered into an investment agreement with a qualified institutional investor relating to the issuance and sale to the investor of $150 million in 8% exchangeable senior secured notes due 2027.

Avaya Holdings shares were halted in midmorning trade at $3.39.

The company said it intends to use the proceeds from the notes offering to prefund the repayment of, repurchase, or otherwise make certain payments in respect of its existing $350 million of 2.25% convertible senior notes due 2023 and for general corporate purposes.

The notes will have an initial exchange rate of 232.6 shares of common stock per $1,000 principal amount of notes, equivalent to an initial exchange price of $4.30 a share.

The company may not redeem the notes prior to June 20, 2024.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

June 23, 2022 10:49 ET (14:49 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Avaya (NYSE:AVYA)
Historical Stock Chart
From Jun 2022 to Jul 2022 Click Here for more Avaya Charts.
Avaya (NYSE:AVYA)
Historical Stock Chart
From Jul 2021 to Jul 2022 Click Here for more Avaya Charts.