Avaya launches $743 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 10 – Avaya Inc. launched on Wednesday its $743 million incremental term loan B-2 with price talk of Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the lead on the deal.

Commitments are due at noon ET on Feb. 17, the source added.

Proceeds will be used with $100 million of balance sheet cash to refinance a non-extended term loan due 2024.

Avaya is a Santa Clara, Calif.-based business communications company.

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