Avaya to make next interest payment on PIK toggle notes in cash

By Angela McDaniels

Tacoma, Wash., May 5 - Avaya Inc. said the interest that accrues on its 10 1/8%/10 7/8% senior pay-in-kind toggle unsecured notes due 2015 for the period of May 1 to Oct. 31 will be paid in cash.

Until Nov. 1, 2011, the company has the option of paying interest on the notes entirely in cash, entirely in kind or 50% in cash and 50% in kind, according to an 8-K filing with the Securities and Exchange Commission.

Avaya is a Basking Ridge, N.J., provider of business communications solutions.

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