Key Developments: Mitel Networks Corp (MNW.TO)

MNW.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Mitel Networks Corp completes acquisition of Mavenir; completes financing
Wednesday, 29 Apr 2015 08:23am EDT 

Mitel Networks Corp:Announced the completion of its acquisition of Mavenir Systems, Inc.Upon completion of the merger, Mavenir became an indirect, wholly owned subsidiary of Mitel.In conjunction with the closing of the acquisition, Mitel completed financing of a $710 million credit facility consisting of a $660 million term loan maturing in April 2022 and an undrawn $50 million revolving credit facility maturing in April 2020.The $660 million term loan is priced at LIBOR, plus 4 pct with a LIBOR floor of 1.00 pct.The undrawn $50 million revolving credit facility is priced at LIBOR, plus 4 pct.Proceeds from the new credit facilities were used to finance the acquisition of Mavenir, repay the about $280.2 million outstanding under Mitel's existing credit facilities and to repay the about $27.3 million outstanding under Mavenir's existing credit facilities.BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were Joint Lead Arrangers and Joint Bookrunners for the new credit facilities.BofA Merrill Lynch acted as financial advisor to Mitel and Morgan Stanley acted as financial advisor to Mavenir in connection with the transaction.  Full Article

Mitel Networks Corp announces definitive agreement to acquire mavenir
Monday, 2 Mar 2015 12:30am EST 

Mitel Networks Corp and Mavenir Systems:Announced that they have entered into a definitive merger agreement in which Mitel will acquire all of the outstanding shares of Mavenir common stock in a cash and stock deal valued at about $560 million.Under the terms of the merger agreement, Mitel will commence an exchange offer pursuant to which Mavenir stockholders will be entitled to elect to receive either all-cash or all-stock consideration for each share of Mavenir common stock.Says in either case with a value of $11.08 plus 0.675 of a Mitel common share, or $17.94 based on the closing price of a Mitel common share on Feb. 27, 2015.  Full Article

Mitel Networks Corp gives Q1 2015 outlook below analysts' estimates
Thursday, 26 Feb 2015 06:30am EST 

Mitel Networks Corp:Expects Q1 2015 revenue to be in the range of $245 to $265 million, reflecting continued volatility in foreign currency exchange markets.Q1 2015 non-GAAP earnings per share is expected to be in the range of $0.13 to $0.16.Q1 2015 revenue of $275 million and EPS of $0.18 - Thomson Reuters I/B/E/S.  Full Article

Mitel Networks Corp increases proposal to acquire ShoreTel
Monday, 10 Nov 2014 08:00am EST 

Mitel Networks Corp:Has increased its proposal to acquire all of outstanding shares of ShoreTel common stock to $8.50 per share in cash and stock, representing total equity value of about $574 mln.Proposes to deliver to ShoreTel shareholders $8.10 per share in cash and $.40 per share in Mitel common shares, or approximately 2.72 mln shares.Increased proposal represents 31 pct premium to ShoreTel's unaffected stock price on Oct. 17 and 38 pct premium to ShoreTel's enterprise value.Increased proposal was extended to ShoreTel's Board of Directors.  Full Article

Mitel Networks Corp gives Q4 2014 guidance in line with analysts' estimates
Thursday, 6 Nov 2014 06:30am EST 

Mitel Networks Corp:Expects Q4 2014 revenue to be in the range of $290 million to $310 million.Expects Q4 2014 non-GAAP earnings per share (EPS) to be in the range of $0.27 to $0.30.Q4 2014 revenue of $306 million and EPS of $0.28 - Thomson Reuters I/B/E/S.  Full Article

Shoretel Inc board unanimously rejects Mitel Networks Corporation's unsolicited proposal
Monday, 27 Oct 2014 04:05pm EDT 

Shoretel Inc:Says its Board of Directors, after careful consideration with the assistance of its independent financial and legal advisors, has unanimously decided to reject the unsolicited proposal from Mitel Networks Corporation.Proposal to acquire all outstanding common shares of ShoreTel at a price of $8.10 per share in cash.ShoreTel Board concluded that the proposal significantly undervalues ShoreTel and its strong prospects for continued growth and value creation as it continues to implement its long-term strategic plan, and is not in the best interests of ShoreTel stockholders.  Full Article

Mitel Networks Corp to acquire ShoreTel for $8.10 per share in cash
Monday, 20 Oct 2014 08:01am EDT 

Mitel Networks Corp:Company made a proposal to ShoreTel Inc Board of Directors.To acquire all of outstanding shares of ShoreTel common stock for $8.10 per share in cash, representing total equity value of about $540 mln.Offer represents 24 pct premium to ShoreTel's closing stock price on Oct. 17, and 30 pct premium to ShoreTel's enterprise value.  Full Article

Mitel Networks Corp gives Q3 2014 guidance; revenue guidance below analysts' estimates
Thursday, 7 Aug 2014 06:30am EDT 

Mitel Networks Corp:Expects Q3 2014 GAAP revenue to be in range of $261 mln to $276 mln, reflecting typical third quarter seasonality.Expects Q3 2014 non-GAAP earnings per share (EPS) to be in range of $0.14 to $0.16.Q3 2014 revenue of $281 mln and EPS of $0.14 - Thomson Reuters I/B/E/S.  Full Article

Mitel Networks Corp awarded contract
Monday, 4 Aug 2014 10:00am EDT 

Mitel Networks Corp:Awarded National Joint Powers Alliance (NJPA) contract for telecommunications, wireless, and related equipment and services.This is second time Mitel has been awarded an NJPA contract.NJPA provides pathway for its government, education and non-profit member agencies to purchase Mitel solutions through its competitive contract bidding process.  Full Article

Mitel Networks Corp closes $91 mln bought deal secondary offering of common shares
Wednesday, 28 May 2014 10:02am EDT 

Mitel Networks Corp:Closes bought deal secondary offering.Arsenal Holdco I, S.a.r.l., Arsenal Holdco II, S.a.r.l., Kanata Research Park Corporation and Shen Capital Corporation sold 7,400,000 common shares of Mitel at price of C$12.30 per share for total gross proceeds of $91,020,000.Offering was underwritten by a syndicate of underwriters led by CIBC and Cormark Securities Inc.Mitel did not receive any proceeds from sale of the common shares by the Selling Shareholders.  Full Article

Deals of the day- Mergers and acquisitions

March 2 - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Monday:

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