Mitel Networks repays $25 million of existing credit facilities

By Tali Rackner

Norfolk, Va., July 19– Mitel Networks Corp. made $25 million of payments against its existing credit facility in order to strengthen its capital structure, according to a Tuesday press release.

"Our solid execution through the second quarter combined with the receipt of the $60 million termination fee received from Polycom has provided the company with cash in excess of our immediate working capital needs,” chief financial officer Steve Spooner said in the release.

“Year to date, including payments of $25 million since we reported first-quarter results in early May, we have paid down a total of $65 million against our existing credit facility.”

Mitel is a Kanata, Ont.-based provider of cloud- and premises-based unified communications software solutions.

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