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Avaya launches $1.14 billion term loan B-5 repricing to investors
By Sara Rosenberg
New York, Jan. 23 - Avaya Inc. held a call at 2 p.m. ET on Thursday to launch a repricing of its $1,137,539,846 term loan B-5, according to a market source.
The loan will be repriced through a new term loan B-6 due March 31, 2018 that is talked at Libor plus 500 basis points to 525 bps with a 1% Libor floor and 101 soft call protection for six months, the source said.
The B-6 loan is offered at par for existing lenders and at 99½ to par for new money.
The repricing will take the term loan B-5 down from Libor plus 675 bps with a 1.25% Libor floor, and existing lenders will get paid out at 101.
Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers and bookrunners on the deal, with Citigroup the administrative agent.
Commitments are due at 5 p.m. ET on Jan. 30, the source added.
Avaya is a Basking Ridge, N.J.-based provider of business collaboration and communications services.
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