Mitel, a provider of cloud and premises-based communications solutions, announced the company has completed the refinancing of its first and second lien credit facilities with $320 million in new senior secured credit facilities.

Mitel said Bank of America Merrill Lynch, RBC Capital Markets, and MerchCap Solutions were joint lead arrangers and joint book-running managers on the transactions.

The company said the new credit facilities consist of an undrawn $40 million first lien revolving credit facility maturing in February 2018, a $200 million first lien term loan maturing in February 2019 and an $80 million second lien term loan maturing in February 2020. The undrawn $40 million first lien revolving credit facility is priced at LIBOR, plus 5.75%. The $200 million term loan facility is priced at LIBOR, plus 5.75% with a LIBOR floor of 1.25%. The $80 million term loan facility is priced at LIBOR, plus 9.75%, with a LIBOR floor of 1.25%.

Proceeds from the new credit facilities, along with approximately $35 million in cash, were used to repay the $304 million outstanding under the existing credit facilities, as well as fees and expenses related to the transactions.

Ottawa-based Mitel is a global provider of unified communications and collaboration software, solutions and services that enable organizations to conduct business anywhere, over any medium with the device of their choice.