Avaya repriced its $2.918 billion senior secured term loan. The repricing was led by JPMorgan and Goldman Sachs as joint lead bookrunners and arrangers.

“The repricing of this senior secured term loan reflects our improved credit profile and will save Avaya over $14 million in annual cash interest expense,” said Pat O’Malley, Avaya’s senior vice president and chief financial officer.

The repricing of the term loan, which matures in 2024, reduces the interest rate from LIBOR plus 4.75% to LIBOR plus 4.25% per annum and reduces the LIBOR floor from 1% to 0%.

Avaya provides digital communications software, services and devices to businesses of all sizes.