Avaya to exercise equity claw on 11 1/8% notes

New York, Feb. 12 - Avaya Inc. said it plans to exercise the equity clawback option on its $640 million of 11 1/8% senior secured notes due 2009.

The Basking Ridge, N.J., network company will redeem 35% of the outstanding notes at 111.125% of par plus accrued interest. It did not disclose when the redemption will take place.

Funding will come from Avaya's sale of 14.04 million shares via Morgan Stanley, a transaction valued at $251 million. The shares were reoffered to the public at $17.85.

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