Mitel Networks to repay revolver and term loan debt with IPO proceeds

By Sara Rosenberg

New York, Dec. 22 - Mitel Networks Corp. plans to repay $30 million of borrowings under its revolving credit facility and some first-lien term loan debt using proceeds from an initial public offering of common stock, according to an F-1 filed with the Securities and Exchange Commission on Tuesday.

As of Oct. 31, there was $30 million drawn under the revolver and $289 million outstanding under the first-lien term loan.

Remaining proceeds from the stock offering will be used to fund working capital and for general corporate purposes, which may include acquisitions.

Mitel is an Ontario-based provider of integrated communications services focused on the small-to-medium sized enterprise market.

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