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Avaya flexes $743 million term loan to Libor plus 400 bps
By Sara Rosenberg
New York, Feb. 17 – Avaya Inc. lowered pricing on its $743 million incremental term loan B-2 to Libor plus 400 basis points from Libor plus 425 bps and changed the issue price to par from 99.75, according to a market source.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
BofA Securities Inc. is the lead on the deal.
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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