Avaya Files for $1 Billion IPO

Avaya Inc.s parent company, Avaya Holdings Corp., on Thursday revealed plans to go public.

The supplier of business communications systems announced that it filed its intention with the Securities and Exchange Commission for a proposed initial public offering of $1 billion.

Avaya said it plans to use the proceeds from the sale of common stock to pay down certain long-term debt, among other things.

Avaya traded on Wall Street before being bought out by private equity firms TPG Capital and Silver Lake in 2007. The company expressed an interest in going public not long after buying bankrupt Nortel Networks enterprise division a few years ago.

For the fiscal year ending Sept. 30, Avaya reported a $936 million net loss on revenues of roughly $5.1 billion. Fifty-five percent of the companys revenue is generated in the U.S., according to the filing.

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