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Avaya expected to bring $500 million minimum secured notes backing term loan amend and extend
By Paul A. Harris and Sara Rosenberg
Portland, Ore., Dec. 13 - Avaya Inc. plans to use proceeds from a $500 million minimum offering of senior secured notes to fund an amendment and extension of its term loan B-1, according to a market source.
The deal size is implied by the $1 billion minimum amount that the company is attempting to extend to March 2018 from 2014.
Citigroup Global Markets Inc. is leading the amend-and-extend transaction. Commitments are due on Monday.
Avaya is a Basking Ridge, N.J.-based provider of business collaboration and communications services.
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