Mitel Networks Corporation has completed its financial restructuring to position the business for sustainable, long-term success, eliminating $1.15bn of debt and reducing associated cash interest payments by approximately $135m annually.
As a result, Mitel now has a stronger balance sheet and capital structure, and is well-positioned to optimise its global operations and drive profitable and efficient growth, helping it to focus on delivering greater AI-powered UC & CX solutions globally.
The company has also raised approximately $125m of new funding in aggregate to support its go-forward operations, and these improvements will allow it to execute its strategic priorities while continuing to meet customers’ needs.
This concludes the final phase of Mitel’s proactive efforts to right-size its capital structure and boost its ongoing strategic plans.
With a strengthened balance sheet and 92% of companies prioritising hybrid, Mitel’s strategy is focused on delivering hybrid innovation and AI capabilities that meet the rising enterprise demand.
Tarun Loomba, President and Chief Executive Officer of Mitel (pictured) commented: “With the weight of legacy debt lifted, we are focused on accelerating our hybrid communications leadership.
“We have a portfolio designed to provide enterprise customers with secure, reliable, and modern communications solutions, and a strong financial position that will take us well into the future.”