Mitel's strong cash flow allows $20 million paydown on credit facility

By Toni Weeks

San Luis Obispo, Calif., Nov. 7 - Mitel Networks Corp. announced it will make a $20 million payment against its existing credit facility as a result of its strong cash position.

The payment is consistent with the company's plans to use surplus cash reserves to reduce debt, according to a press release.

"Mitel runs a highly disciplined leveraged business model that continues to generate strong cash flow," chief financial officer Steve Spooner said in the release.

"With the end of our fiscal 2014 second quarter last week, we are taking advantage of a strong cash position to make an additional $20 million debt reduction payment."

Mitel is a Kanata, Ont.-based provider of cloud- and premises-based unified communications software products.

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