Published on 12/18/2012 in the Prospect News High Yield Daily.
New Issue: Avaya prices $290 million notes due April 2019 at par to yield 9%
By Paul A. Harris
Portland, Ore., Dec. 18 - Avaya Inc. priced a $290 million issue of senior secured notes due April 1, 2019 (B1/B/) at par to yield 9% on Tuesday, according to a syndicate source.
The yield printed at the tight end of the 9% to 9¼% yield talk.
Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market transaction.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners.
Proceeds will be used to repay the company's term loans.
Avaya is a Basking Ridge, N.J.-based provider of business collaboration and communications services.
Issuer: | Avaya Inc.
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Amount: | $290 million
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Maturity: | April 1, 2019
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Securities: | Senior secured notes
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Left bookrunner: | Citigroup Global Markets Inc.
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Joint bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
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Co-managers: | Bank of America Merrill Lynch, Barclays, Goldman Sachs & Co., UBS Securities LLC
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Call features: | Make-whole call at Treasuries plus 50 bps until April 1, 2015, then callable at 104.5, 102.25, par on and after April 1, 2017
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Equity clawback: | 35% at 109 until to April 1, 2015
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Change-of-control put: | 101%
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Trade date: | Dec. 18
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Settlement date: | Dec. 21
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Ratings: | Moody's: B1
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 9% to 9¼%
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Marketing: | Quick to market
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