Avaya talks $1.01 billion eight-year notes at par with 7%-7¼% yield

By Paul A. Harris

Portland, Ore., Feb. 7 - Avaya Inc. talked its $1.009 billion offering of eight-year senior secured notes (B1) to price at par with a 7% to 7¼% yield, an informed source said on Monday.

The books close at 11 a.m. ET on Tuesday.

Morgan Stanley & Co. Inc., UBS Investment Bank, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A for life offering.

Deutsche Bank Securities Inc., Barclays Capital Inc. and HSBC Securities are the co-managers.

The notes come with four years of call protection.

Proceeds will be used to repay bank debt.

Avaya is a Basking Ridge, N.J.-based enterprise communications systems, software and services company.

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