Avaya $250 million exchangeable notes offering and $350 million credit facility
We advised the placement agent and lead arranger in connection with the transactions
Davis Polk advised the sole placement agent in connection with a section 4(a)(2) private placement by Avaya Inc., a wholly owned subsidiary of Avaya Holdings Corp., of $250 million aggregate principal amount of its 8.00% exchangeable senior secured notes due 2027.
Davis Polk also advised the lead arranger and administrative agent in connection with a $350 million incremental term loan facility provided to Avaya.
The proceeds from the notes and the incremental term loan credit facility will be used by Avaya to repurchase its existing $350 million of 2.25% convertible senior notes due 2023 and for general corporate purposes.
Avaya is a global leader in digital communications products, solutions and services for businesses of all sizes. Avaya enables organizations around the globe to succeed by creating intelligent communications experiences for customers and their employees.
The Davis Polk corporate team included partners John M. Brandow, Marcel Fausten and Dan Gibbons, counsel Katharine O’Banion and associates Michael Jiang, Eugenia S. Lee and Elizabeth Rodgers. The finance team included partner James A. Florack, counsel Benjamin Cheng and associate Davea Livingstone. All members of the Davis Polk team are based in the New York office.