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Why Avaya Holdings Plummeted by Nearly 15% Today

·2 min read
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Rapidly mounting debt and an analyst's price target downgrade were the two punches knocking Avaya Holdings (NYSE: AVYA) stock to the floor on Tuesday. Already heavily burdened by indebtedness, Avaya announced last Friday that it had secured $600 million in new financing. Although Avaya professed to be happy with the arrangement, with CFO Kieran McGrath quoted as saying that it "supports and accelerates our business model transformation and addresses our convertible notes maturing in June of next year," others had a more negative opinion.