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BRIEF-Avaya Inc announces upsize and pricing of $2.925 bln senior secured term loan
November 10, 2017 / 1:14 PM / 10 days ago

BRIEF-Avaya Inc announces upsize and pricing of $2.925 bln senior secured term loan

Nov 10 (Reuters) - Avaya Inc

* Avaya Inc announces upsize due to strong demand and pricing of $2.925 billion senior secured term loan

* Avaya Holdings - unit Avaya Inc has successfully priced a $2.925 billion senior secured term loan, which was upsized from $2.425 billion​

* Avaya Holdings - revised capital structure is expected to result in more than $200 million in annual cash interest savings compared to fiscal year 2016​

* Avaya Holdings - hearing to consider confirmation of Avaya’s plan of reorganization is scheduled to commence on November 28, 2017​

* Avaya Holdings - funding,closing of term loan expected to occur in dec concurrent with anticipated effective date of Avaya’s plan of reorganization​

* Avaya Holdings - proceeds from term loan will be used to support Avaya’s emergence from chapter 11​

* Avaya Holdings - ‍term loan will mature in 2024 and bear interest at a rate of LIBOR plus 4.75% per annum, with a 1.00% LIBOR floor​ Source text for Eikon: Further company coverage:

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