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Why Avaya Stock Crashed 22% Today

TheMotleyFool

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Why Avaya Stock Crashed 22% TodayPhoto, wide shot, wide-angle lens, Consumer electronics manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Hiroshi Sugimoto: https://img.theapi.app/temp/d8a4268f-c982-4aa8-a09e-f9ee1db62f57.png

Shares of Avaya Holdings (NYSE: AVYA) got destroyed in early Friday trading, down 22.2% as of 10:10 a.m. ET, after the heavily indebted communications software maker announced...it's issuing more debt.

Specifically, in an 8-K filing with the SEC, Avaya disclosed that it is selling an additional $150 million worth of "8.00% Exchangeable Senior Secured Notes due 2027." In combination with previous announcements, this means the company will soon have $250 million worth of these debt obligations outstanding.

Why is this significant? Well, look at what Avaya itself said about the upsized offering.

Source Fool.com

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