Avaya attempting to syndicate $3.8 billion term loan B

By Sara Rosenberg

New York, March 13 - Avaya Inc. started approaching some lenders recently in an attempt to syndicate its $3.8 billion term loan B (Ba3/B) that was funded in the fall, according to a market source.

The term loan B is priced at Libor plus 275 basis points.

The original issue discount on the loan is being guided at 88, the source said.

"Citi (the left lead bank) is trying to lift it off their balance," the source added.

Proceeds from the term loan B were used to help fund the buyout of the company by Silver Lake and TPG Capital for $17.50 in cash per share. The transaction was valued at $8.2 billion.

Avaya is a Basking Ridge, N.J., provider of communication systems, applications and services.

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