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Mitel plans new debt financing for buyout by Searchlight Capital
By Sara Rosenberg
New York, April 24 – Mitel has received a commitment for debt financing to help fund its purchase by Searchlight Capital Partners LP, according to a news release.
Credit Suisse, BMO Capital Markets and TD Securities Inc. provided the debt commitment.
Under the agreement, Mitel is being bought for $11.15 per common share in cash. The all-cash transaction is valued at approximately $2 billion, including net debt.
Closing is expected during the second half of this year, subject to customary conditions, including receipt of shareholder, regulatory and court approvals.
There is a “go-shop” period through June 7.
Mitel is an Ottawa-based provider of communications software solutions.
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