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Avaya Announces Public Offering of $175 Million Of Senior SecuredNotes

05-05-2003

Avaya Inc. (NYSE:AV), a leading global provider of communicationsnetworks and services to businesses, today said it intends toinitiate a public offering of approximately $175 million of seniorsecured notes.

Avaya Inc. (NYSE:AV), a leading global provider ofcommunications networks and services to businesses, today said itintends to initiate a public offering of approximately $175 millionof senior secured notes.

The note will form a single series with the company'soutstanding 11 1/8 percent senior secured notes due 2009 (CUSIP:053499AB5) and will have the same terms and conditions as thoseoutstanding notes. The net proceeds from the transaction will beused for general corporate purposes including, but not limited to,the repurchase of the company's Liquid Yield Option™ Notes due2021.

The offering is being made pursuant to an effective shelfregistration statement.

Citigroup and Credit Suisse First Boston are acting as jointbook-running managers for the offering.

This offering may be made only by means of the prospectus andthe related prospectus supplement, copies of which may be obtained,when available, from Citigroup Global Markets Inc., Brooklyn ArmyTerminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220.

This press release does not constitute an offer to sell or asolicitation of an offer to buy the securities described herein,nor shall there be any sale of these securities in any state orjurisdiction in which such an offer, solicitation or sale would beunlawful prior to registration or qualification under thesecurities laws of any such state or jurisdiction. The offering mayonly be made by means of a prospectus or related prospectussupplement.

NOTE: Liquid Yield Option and LYON are trademarks of MerrillLynch & Co., Inc.

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