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Mitel closes Mavenir deal; shares -4.1%

Apr. 29, 2015 1:11 PM ETMitel Networks Corporation (MITL) StockBy: Eric Jhonsa, SA News Editor1 Comment
  • Mitel's (NASDAQ:MITL) acquisition of carrier VoLTE software provider Mavenir (MVNR) is on the books. As previously announced, Mavenir investors will receive either a mixture of cash/stock worth $17.55/share or 1.83 Mitel shares for each share they own.
  • Along with the announcement, Mitel states it has closed on a $710M credit facility that features a $660M term loan sporting an interest rate of LIBOR + 4%. Mitel has used the facility's proceeds to "finance the acquisition of Mavenir, repay the approximately US$280.2 million outstanding under Mitel's existing credit facilities and to repay the approximately US$27.3 million outstanding under Mavenir's existing credit facilities."
  • Mitel has sold off following the announcement; its Q1 report arrives on May 7. Mavenir issued a Q1 warning on April 10.

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