US LevFin Wrap — Avaya dodges convert cliff, Dave & Buster’s and CAA highlight recession fears
- Will Caiger-Smith
Discount mania is sweeping across the leveraged finance market, so we should probably start this week’s wrap by talking about Avaya.
The perpetually troubled communications company is poised to complete its refinancing, but is paying through the nose for it. At a final spread of SOFR+ 1000bps, the coupon on its new term loan is the widest we’ve seen in the primary for a very long while.