Avaya $300 million seven-year notes talk at 11¼%-11½%, pricing Friday

By Paul A. Harris

St. Louis, Mo., March 20 - Price talk of 11¼%-11½% emerged Wednesday on Avaya, Inc.'s offering of $300 million senior secured notes due 2009 (Ba2/BB-), according to a syndicate source who added that the deal is expected to price Friday.

Salomon Smith Barney and Credit Suisse First Boston are joint bookrunners. Deutsche Banc Alex. Brown, Dresdner Kleinwort Wasserstein, JP Morgan and HSBC are co-managers.

Avaya's off-the-shelf notes are non-callable for four years. Proceeds will be used to repay bank debt.

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