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Avaya Completes Liquid Yield Option™ Notes Exchange Offer


Avaya Inc. (NYSE:AV), a leading global provider of communicationsnetworks and services to businesses, today announced the results ofits exchange offer for its Liquid Yield Option™ Notes (LYONS) due2021. The exchange offer expired at 5:00 p.m., EST, Jan 28.

Avaya Inc. (NYSE:AV), a leading global provider ofcommunications networks and services to businesses, today announcedthe results of its exchange offer for its Liquid Yield Option™Notes (LYONS) due 2021. The exchange offer expired at 5:00 p.m.,EST, Jan 28.

Approximately $84,426,000 aggregate principal amount at maturityof LYONs, representing approximately 8.9 percent of the outstandingLYONs, were validly tendered and not withdrawn in the exchangeoffer. Of these LYONs, approximately $84,416,000 aggregateprincipal amount at maturity were tendered for the mixedconsideration and the remainder for the cash consideration.

For each $1,000 aggregate principal amount at maturity of LYONstendered, holders who elected to receive the mixed considerationwill receive $208.40 in cash plus 77 shares of common stock ofAvaya in exchange and holders who elected to receive the cashconsideration will receive $389.61 in cash.

Avaya will pay an aggregate of $17,596,190.50 in cash anddeliver 6,500,032 shares of its common stock in the exchangeoffer.

Morgan Stanley & Co. Incorporated is acting as the dealermanager for the exchange offer. Georgeson ShareholderCommunications, Inc. is the information agent, and The Bank of NewYork is the exchange agent. LYONs holders with questions on theirparticipation in the exchange offer should contact the informationagent at 866-295-4337 or Morgan Stanley at 212-761-5409(collect).

About Avaya
Avaya Inc. designs, builds and manages communications networks formore than 1 million businesses worldwide, including 90 percent ofthe FORTUNE 500®. Focused on businesses large to small, Avaya is aworld leader in secure and reliable Internet Protocol (IP)telephony systems and communications software applications andservices.

Driving the convergence of voice and data communications withbusiness applications — and distinguished by comprehensiveworldwide services — Avaya helps customers leverage existing andnew networks to achieve superior business results. For moreinformation visit the Avaya Web site:

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

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