Mitel Networks to repay $350 million of term loan with Mobile proceeds

By Wendy Van Sickle

Columbus, Ohio, March 1 – Mitel Networks Corp. plans to repay about $350 million under of its term loan with proceeds of the sale of its Mobile business unit to the parent company of Xura, Inc., according to a 10-K filing with the Securities and Exchange Commission.

On Tuesday, the company closed the sale of the Mobile unit for $350 million in cash, a $35 million non-interest bearing promissory note and an equity interest in Sierra Private Investments LP, the limited partnership that will own both Xura and the Mobile business unit.

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

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