By Paul A. Harris
St. Louis, May 6 - Avaya Inc. priced an upsized $200 million add-on to its 11 1/8% senior secured notes due April 1, 2009 (B2/B+) at 108 on Thursday to yield 9.06%, according to a syndicate source.
The deal was increased from $175 million.
Citigroup and Credit Suisse First Boston were joint bookrunners on the off-the-shelf deal.
Proceeds from the public offering will be used for general corporate purposes possibly including the repurchase of the company's LYONs due 2021.
The original $440 million deal priced on March 22, 2002 at 98.812 to yield 11 3/8%.
The issuer is a Basking Ridge, N.J. firm provides software that integrates voice and data services.
| Issuer: | Avaya Inc.
|
| Amount: | $200 million (increased from $175 million)
|
| Security description: | Add-on to 11 1/8% senior secured notes due 2009
|
| Maturity: | April 1, 2009
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| Bookrunners: | Citigroup, Credit Suisse First Boston (joint)
|
| Coupon: | 11 1/8%
|
| Price: | 108
|
| Yield to worst: | 9.06%
|
| Spread: | 589 basis points
|
| Call features: | Callable on April 1, 2006 at 105.563, then at 102.781, declining to par on April 1, 2008 and thereafter
|
| Equity clawback: | Until April 1, 2005 for 35% at 111.125
|
| Settlement date: | May 9, 2003 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Cusip: | 053499AB5
|
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