Santa Clara, Calif. – September 8, 2020 - Avaya Holdings Corp. (NYSE: AVYA) (“Avaya”) today announced that its wholly-owned subsidiary, Avaya Inc. (the “Company”), is offering $750 million in aggregate principal amount of Senior First Lien Notes due 2028 (the “notes”) in a private offering (the “offering”). The notes will bear cash interest semi-annually beginning in 2021. The notes will be the Company’s senior secured obligations and will be guaranteed on a senior secured basis by Avaya and each of the Company’s wholly-owned domestic subsidiaries that guarantee the Company’s term loan and asset-based revolving credit facilities.
The Company intends to use the proceeds from the offering to repay, repurchase or otherwise make certain payments in respect of outstanding indebtedness under its term loan credit facility and pay related fees, costs, and expenses. The offering is subject to market conditions.
The notes and the related guarantees are being offered to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The notes and the related guarantees have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction. Accordingly, the notes and the related guarantees may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and any applicable state or other jurisdiction’s securities laws.
A confidential offering memorandum for the offering of the notes and the related guarantees, dated as of today, is being made available to such eligible persons. The offering is being conducted in accordance with the terms and subject to the conditions set forth in such confidential offering memorandum.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
