Avaya

restructured

Telecom / Tech — Silver Lake / TPG Capital

Deal Terms

Entry Year2007

Entry EV$8.3B

Entry Multiple10x

Leverage7.5x

Debt Amount$6.3B

Risk Metrics

LTV (est.)76%

Debt / EV0.76x

Notes

Silver Lake/TPG $8.3B LBO (2007). $6.3B debt crushed the enterprise telecom company. Filed Chapter 11 Jan 2017. Emerged Dec 2017 eliminating $4B debt. Re-listed. Filed Chapter 11 AGAIN Feb 2023 — TWO bankruptcies from same LBO debt legacy. $3.4B in liabilities. Silver Lake/TPG's original equity wiped out. PE destroyed a market-leading UC platform.

Sponsor

TPG Inc.$230B AUM