Avaya launches $2.9 billion first-lien loan at Libor plus 425 bps

By Sara Rosenberg

New York, June 6 – Avaya Inc. held a lender call on Wednesday to launch a $2,918,000,000 first-lien term loan (B) due 2024 that is talked at Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99.75, according to an informed source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Commitments are due on June 13, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

Closing is expected on June 18.

Avaya is a Santa Clara, Calif.-based business communications company.

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