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Avaya upsizes term loan B-7, sets spread at Libor plus 525 bps
By Sara Rosenberg
New York, April 29 – Avaya Inc. lifted its five-year senior secured term loan B-7 to $2,125,000,000 from $1.5 billion and firmed pricing at Libor plus 525 basis points, the wide end of the Libor plus 500 bps to 525 bps talk, according to a market source.
The term loan B-7 still has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for six months and amortization of 1% per annum.
Citigroup Global Markets Inc. is the lead bank on the deal.
Proceeds will be used to repay existing senior secured term loans, and with the B-7 upsizing, the amount of the paydown was increased.
Allocations are expected later this week, the source added.
Avaya is a Santa Clara, Calif.-based provider of business collaboration and communications services.
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