Avaya marketing $750 million eight-year secured notes; initial talk mid-6% area

By Paul A. Harris

Portland, Ore., Sept. 8 – Avaya Holdings Corp. started a roadshow for a $750 million offering of eight-year senior first-lien notes on Tuesday, according to market sources.

Initial talk has the Rule 144A and Regulation S deal coming to yield in the mid-6% area, a trader said.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

The Santa Clara, Calif.-based business communications services provider plans to use the proceeds to repay bank debt.

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