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 U.S. Bankruptcy Court for the Southern District of New York has confirmed Avaya’s second amended Chapter 11 plan of reorganization. As a result, Avaya expects to emerge from its restructuring process before the end of this year.
Avaya has successfully priced a $2.925 billion senior secured term loan, which was upsized from $2.425 billion, in response to strong market demand.
Avaya received approval from its creditors for its restructuring plan and intends to exit Chapter 11 with $2.95 billion of financing in place. Goldman Sachs and Citibank are leading the lender group.
Avaya entered into a plan support agreement (PSA) with holders of more than 50% of its first lien debt, including certain members of the ad hoc group of first lien creditors. In January, Citibank provided $725 million DIP when the company entered Chapter 11.
Avaya has filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The company obtained a committed $725 million debtor-in-possession financing facility underwritten by Citibank.