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Exhibit 99.1
MEDIA INQUIRIES: INVESTOR INQUIRIES:
Lynn Newman Derrick Vializ
908-953-8692 (office) 908-953-7500 (office)
973-993-8033 (home)
lynnnewman@avaya.com vializ@avaya.com
FOR IMMEDIATE RELEASE: MONDAY, FEBRUARY 11, 2002
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AVAYA FINALIZES TERMS OF CREDIT FACILITIES
ENGAGES SALOMON SMITH BARNEY TO EXPLORE POSSIBLE SALE OF
CONNECTIVITY SOLUTIONS UNIT
BASKING RIDGE, N.J. - Avaya Inc., a leading global provider of voice and
data networks, today said it finalized terms of amended credit facilities with
its lenders. The company also said it has engaged Salomon Smith Barney to
explore alternatives for its Connectivity Solutions unit, including possibly
selling the unit.
"The completion of our amended credit facilities gives Avaya a stable
foundation of liquidity for managing the business and the flexibility to
continue our aggressive restructuring, including reducing annualized costs by an
additional $200 million to $250 million," said Garry K. McGuire, chief financial
officer, Avaya. "By exploring our options for Connectivity Solutions, our goal
is to maximize our core business both by enhancing liquidity and by tightening
our focus on the higher growth opportunities for our business, including
converged voice and data, unified communications, and customer relationship
management," McGuire added.
Avaya's Connectivity Solutions unit is the global leader in end-to-end
structured cabling solutions primarily for enterprises and central offices of
telecommunications service providers. A structured cabling system is designed to
connect phones, workstations, personal computers, local area networks and other
communications devices through a building or across one or more campuses. In
addition to structured cabling systems, Connectivity Solutions is a leading
manufacturer of electronic cabinets, which provide secure environments for
electronic equipment and devices, both outside and inside buildings.
As Avaya announced previously, bank credit facilities of $1.25 billion
are available to the company for general corporate purposes. There are no
restrictions in the company's public debt that would limit the company's ability
to access the entire $1.25 billion. In the event Standard & Poor's corporate
credit rating for Avaya falls below BBB- or Moody's senior unsecured public debt
rating for Avaya falls below Baa3, any borrowings under the facilities will be
secured by most of the company's domestic assets, except real property. The
security interest would be suspended in the event Standard & Poor's corporate
credit rating for the company were to be at least BBB and Moody's senior
unsecured public debt rating for the company were to be at least Baa2, in each
case with a stable outlook.
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The bank credit facilities require the company to maintain a ratio of
consolidated Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) to interest expense, as well as a minimum EBITDA.
In addition, the company is permitted to exclude from the calculation of
EBITDA certain restructuring charges, including up to about $160 million of
restructuring charges to be taken no later than the fourth quarter of fiscal
2002. These charges are attributable to actions the company said in January it
expects to take in 2002 in order to achieve annualized savings of $200 million
to $250 million.
About Avaya
Avaya Inc., headquartered in Basking Ridge, N.J., is a leading global
provider of voice and data networks as well as communications solutions and
services that help businesses, government agencies and other institutions -
including more than 90 percent of the FORTUNE 500 (R) -- excel in the customer
economy. Avaya offers Customer Relationship Management Solutions, Unified
Communication Solutions, Service Provider Solutions, MultiService Networking
Infrastructure, and Converged Voice and Data Networks - including the company's
no-compromise Avaya Enterprise-Class IP Solutions (ECLIPS) - all supported by
Avaya Services and Avaya Labs. Avaya is the worldwide leader in unified
messaging, messaging systems, call centers and structured cabling systems. It is
the U.S. leader in voice communications systems and services. Avaya is an
official sponsor for the 2002 FIFA World Cup(TM), the FIFA Women's World Cup
2003 and the 2006 FIFA World Cup(TM) tournaments. For more information about
Avaya, visit its Web site at HTTP://WWW.AVAYA.COM.
This news release contains forward-looking statements regarding the
company's outlook for revenue and earnings and liquidity based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These risks
and uncertainties include, but are not limited to, general industry market
conditions and growth rates and general domestic and international economic
conditions including interest rate and currency exchange rate fluctuations and
the economic, political, and other risks associated with international sales and
operations, U.S. and foreign government regulation, price and product
competition, rapid technological development, dependence on new product
development, the successful introduction of new products, the mix of our
products and services, customer demand for our products and services, the
ability to successfully integrate acquired companies, control of costs and
expenses, the ability to implement in a timely manner its restructuring plans,
and the ability to form and implement alliances. For a further list and
description of such risks and uncertainties, see the reports filed by Avaya with
the Securities and Exchange Commission. Avaya disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.