Searchlight Capital Partners, L.P. has completed the acquisition of Mitel Networks Corporation at $11.15 per share for an aggregate consideration of US $1.38 billion in cash or approximately US $2 billion including assumption of Mitel’s net debt. Searchlight Capital Partners entered into the acquisition agreement on April 23, 2018.

Searchlight Capital Partners committed to investing up to $700 million for the acquisition.

Debt financing was provided by Credit Suisse AG, Credit Suisse Loan Funding LLC, Bank of Montreal, BMO Capital Markets Corp., The Toronto-Dominion Bank, and TD Securities (USA) LLC which committed up to US $1.38 billion in debt financing and a US $100 million senior secured revolving facility.

On the Closing Date, in connection with the Acquisition, the Borrower entered into a First Lien Credit Agreement, dated as of the Closing Date, by and among MLN TopCo Ltd., an exempted company incorporated under the laws of the Cayman Islands, Intermediate Holdings, MLN US TopCo Inc., a Delaware corporation, the Borrower, the lenders and issuing banks party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent, which provides for senior secured financing of up to $1,220.0 million, consisting of:

• A first lien term loan facility (the “First Lien Term Loan Facility”), in an aggregate principal amount of $1,120.0 million with a maturity of seven years; and;
• A first lien revolving credit facility (the “Revolving Credit Facility” and, together with the First Lien Term Loan Facility, the “First Lien Senior Facilities”), in an aggregate principal amount of up to $100.0 million with a maturity of five years, including a letter of credit sub-facility.

Proceeds of the First Lien Term Loan Facility and, if applicable, borrowings under the Revolving Credit Facility drawn on the Closing Date were used to fund the transactions contemplated by the Arrangement Agreement, including the consummation of the Acquisition and the repayment in full of the Existing Credit Facility (as defined below), and to pay related fees and expenses. Proceeds of borrowings under the Revolving Credit Facility drawn after the Closing Date and letters of credit will be used for working capital and general corporate purposes.