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Paul, Weiss is advising an ad hoc investor group of first lien lenders in connection with the prepackaged chapter 11 restructuring of Avaya Holdings Corp. Avaya is a global leader in communication and collaboration solutions. The restructuring plan, which will be implemented on an expedited basis, will reduce Avaya’s total debt by more than 75% from approximately $3.4 billion to approximately $800 million.

Under the terms of a restructuring support agreement announced on February 14, two ad hoc groups committed to a $500 million new-money term loan, which, alongside an additional $128 million asset-based lending facility provided by a bank syndicate, represents a total commitment of $628 million in debtor-in-possession financing. Upon Avaya’s emergence from the court-supervised process, the financing will roll into exit facilities. Additionally, as part of the restructuring, certain members of the investor group will provide $150 million of additional new-money financing through a fully backstopped debt rights offering at exit.

The Paul, Weiss team includes, among others, restructuring partners Brian Hermann, Brian Bolin and Andrew Rosenberg, and counsel Joseph Graham; corporate partners David Huntington and Jeffrey Marell, and counsel Lyudmila Bondarenko; executive compensation partner Rebecca Coccaro; tax partner David Mayo; and antitrust counsel Yuni Sobel and Marta Kelly.