Avaya Launches Debt Deal to Refinance Convertible Bonds (1)

Avaya Holdings Corp. is seeking to refinance a fast-approaching bond maturity and is working with bankers to gauge investor interest in a new debt deal, according to people with knowledge of the situation.

The communications software company launched a $500 million first-lien term loan on Wednesday in a deal led by Goldman Sachs Group Inc. and set a lender call for Thursday. The all-in rate would be around 10%, and some of the proceeds would help refinance $350 million in 2.25% convertible notes due June 2023, said the people who asked not to be identified because the talks are private ...