Avaya gets new $400 million unsecured revolver

By Sara Rosenberg

New York, Feb. 24 - Avaya Inc. closed on a new $400 million five-year unsecured revolving credit facility, according to a company news release. Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. acted as co-lead arrangers on the deal.

The new facility was oversubscribed with commitments exceeding $600 million.

The new revolver replaces the company's previous $250 million secured credit facility, which would have expired in September 2005.

"We appreciate the confidence and support from our banking partners as this facility provides flexibility for Avaya to continue executing its growth strategy," said Garry K. McGuire, chief financial officer and senior vice president, corporate development, in the release. "The de-leveraging of our long-term debt, this new credit facility, and the removal of the bank group's security interest are all key steps in Avaya's long-stated financial strategy to restore its investment grade rating."

Avaya is a Basking Ridge, N.J.-based provider of business communications software, systems and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.