Mitel Networks to launch $320 million credit facility on Monday

By Sara Rosenberg

New York, Feb. 8 - Mitel Networks Corp. will hold a bank meeting on Monday morning to launch a $320 million credit facility, according to a market source.

Bank of America Merrill Lynch, RBC Capital Markets LLC and KKR Capital are leading the deal.

The facility consists of a $40 million five-year revolver, a $200 million six-year first-lien term loan and an $80 million seven-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt.

Mitel is a Kanata, Ont.-based provider of business communications and collaboration software and services.

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