Bloomberg News

Avaya Holdings Files to Raise as Much as $1 Billion in IPO

June 09, 2011

(Updates with Nortel acquisition in third paragraph.)

June 9 (Bloomberg) -- Avaya Holdings Corp., the phone- equipment maker owned by private equity firms Silver Lake and TPG Capital, seeks to raise as much as $1 billion in an initial public offering, according to a regulatory filing.

Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the IPO, Avaya said in a filing today with the U.S. Securities and Exchange Commission. The company didn’t disclose how many shares it will sell or give a price range in the filing.

Proceeds will be used to repay long-term debt, redeem preferred stock and pay fees to sponsors, the prospectus showed. The company, which sells phones and related equipment to corporate clients, bought Nortel Networks Corp.’s enterprise- telecommunications unit for $915 million in 2009, gaining more corporate phone equipment.

Avaya, based in Basking Ridge, New Jersey, was spun off from Lucent Technologies Inc. in 2000 and taken private in 2007 for $8.2 billion.

--Editors: Elizabeth Wollman, Niamh Ring

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To contact the reporters on this story: Lee Spears in New York at lspears3@bloomberg.net; Katie Hoffmann in New York at khoffmann4@bloomberg.net

To contact the editors responsible for this story: Jennifer Sondag at jsondag@bloomberg.net.


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