| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Avaya Inc. > News item |
Avaya holders tender 90.26% of 9¾% notes, toggle notes for exchange
By Susanna Moon
Chicago, March 5 - Avaya Inc. said holders have tendered a total of 90.26% 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.
In all, investors tendered $642,583,000 of its $700 million of 9¾% notes and $741,771,243 of its $833.78 million of PIK notes by the offer expiration date, 11:59 p.m. ET on March 4, according to a company press release. The offer began on Feb. 4.
On March 7, Avaya will issue $1,384,354,243 of new notes plus accrued interest through March 6 and expects to pay another $3,744,052.56 in cash to holders of $1,497,620,986 principal amount of notes who delivered consents by the end of the offer, the release added.
As noted before, 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.
Avaya said on Feb. 19 that holders had tendered a total of 90.1% of notes by 5 p.m. ET on Feb. 15, the early deadline.
Those who tendered after the early date will receive $0.95 per $1.00 principal amount.
The company also solicited consents to amend the notes. The consent payment was $0.0025 per $1.00 principal amount.
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) was 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.