Avaya gathers early tenders for 90.1% of 9¾% notes, PIK toggle notes

By Susanna Moon

Chicago, Feb. 19 - Avaya Inc. said holders have tendered so far a total of 90.1% of its outstanding 9¾% senior notes due 2015 and 10 1/8%/10 7/8% senior pay-in-kind toggle notes due 2015 in the exchange offer for a new series of 10½% senior secured notes due 2021.

As of 5 p.m. ET on Feb. 15, the early deadline, investors had tendered $641.92 million of its $700 million of 9¾% notes and $740.24 million of its $833.78 million of PIK notes, according to a company press release.

Holders will receive a total exchange price of $1.00 principal amount of new notes for each $1.00 principal amount of notes tendered by the early deadline.

Those who tender after the early date will receive $0.95 per $1.00 principal amount.

The consent payment will be $0.0025 per $1.00 principal amount.

The exchange offer will continue until 11:59 p.m. ET on March 4. The offer began on Feb. 4.

As noted before, the company also is soliciting consents to amend the notes.

Holders of about 48% of the outstanding principal amount of the notes had agreed to tender their notes and deliver consents by the early participation deadline, according to a previous press release.

Georgeson, Inc. (866 628-6024, banks and brokers 212 440-9800 or email at Avaya@georgeson.com) is the information agent.

Avaya is a Basking Ridge, N.J.-based provider of business collaboration and communications services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.