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Avaya Announces Sale of 14 Million Shares Of Common Stock

02-12-2004

Avaya said it sold 14,039,481 shares of newly issued common stock to Morgan Stanley, which reoffered the shares to the public at $17.85 per share.

Avaya Inc. (NYSE:AV), a leading global provider of communications networks and services for businesses, today said it sold 14,039,481 shares of newly issued common stock to Morgan Stanley, which reoffered the shares to the public at $17.85 per share. The size of the transaction was approximately $251 million. Morgan Stanley acted as sole book-running manager in connection with the transaction.

Avaya said it will use the net proceeds to redeem 35 percent face value of $640 million outstanding 11-1/8 percent senior secured notes at a redemption price per note of 111.125 percent, plus accrued and unpaid interest to the redemption date.

The company originally issued $440 million in senior secured notes on March 22, 2002. The company issued an additional $200 million of the same series of notes (CUSIP: 053499AB5) on May 5, 2003. The notes mature in April 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A copy of the final prospectus supplement and prospectus can be obtained from Morgan Stanley, Attn: Prospectus Dept., 1585 Broadway, New York, NY 10036.

About Avaya
Avaya Inc. designs, builds and manages communications networks for more than 1 million businesses worldwide, including 90 percent of the FORTUNE 500®. Focused on businesses large to small, Avaya is a world leader in secure and reliable Internet Protocol (IP) telephony systems and communications software applications and services.

Driving the convergence of voice and data communications with business applications - and distinguished by comprehensive worldwide services - Avaya helps customers leverage existing and new networks to achieve superior business results. For more information visit the Avaya Web site: http://www.avaya.com

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