Avaya pays down $250 million of term loan debt in the fourth quarter

By Devika Patel

Knoxville, Tenn., Nov. 20 – Avaya Holdings Corp. paid down $250 million of term loan debt last quarter.

“We have completed the pay down of $250 million of debt that will result in significant annual interest expense savings and further enhance our balance sheet,” president and chief executive officer James M. Chirico Jr. stated in a press release.

Senior vice president and chief financial officer Kieran McGrath said on the company’s fourth quarter and year ended Sept. 30 earnings conference call on Wednesday that the Nov. 7 paydown “will result in annualized interest expense savings of approximately $15 million.”

Free cash flow was $37 million for the fourth quarter.

Adjusted EBITDA was $184 million for the fourth quarter and $706 million for the fiscal year.

Cash and cash equivalents were $752 million as of Sept. 30, 2019, compared to $700 million as of Sept. 30, 2018.

Long-term debt, net of current position, was $3.09 billion as of Sept. 30, 2019, compared to $3,097,000,000 as of Sept. 30, 2018.

Avaya is a Santa Clara, Calif.-based provider of digital communications software, services and devices.

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