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Avaya Prices $200 Million of 11 1/8 Percent Senior SecuredNotes

05-06-2003

Avaya Inc. (NYSE:AV), a leading global provider of communicationsnetworks and services for businesses, today said that it has pricedan aggregate principal amount of $200 million of 11 1/8percent senior secured notes due April 1, 2009. The issue price is108 percent to yield 9.06 percent, resulting in net proceeds ofapproximately $211 million.

Avaya Inc. (NYSE:AV), a leading global provider ofcommunications networks and services for businesses, today saidthat it has priced an aggregate principal amount of $200 million of11 1/8 percent senior secured notes due April 1, 2009. Theissue price is 108 percent to yield 9.06 percent, resulting in netproceeds of approximately $211 million.

The notes 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 asthose outstanding notes. The company plans to use the net proceedsfor general corporate purposes including, but not limited to, therepurchase of the company's Liquid Yield Option™ Notes due2021.

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

This press release does not constitute an offer to sell or asolicitation of an offer to buy the notes, nor shall there be anysale of the notes in any state or jurisdiction in which such anoffer, solicitation or sale would be unlawful prior to registrationor qualification under the securities laws of any suchjurisdiction. This offering may be made only by the means of aprospectus and the related prospectus supplement, copies of whichmay be obtained from Citigroup Global Markets, Inc., Brooklyn ArmyTerminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.

NOTE: Liquid Yield Option is a trademark of Merrill Lynch andCo., Inc.

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