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Mitel plans listing for end of April

Alex Scroxton
Unified communications provider Mitel will float on the NASDAQ stock exchange as early as 26 April, according to an updated filing with the SEC.

The firm also revised the total value of its IPO upwards from $230m to $242m, adding that it expects to make approximately $180m as a result of the listing. It will sell just over 1,525,000 shares at around $19 each.

"We intend to use the net proceeds from this offering to repay borrowings outstanding under our revolving credit facility, to repay a portion of our first lien term loan, to fund working capital and for general corporate purposes, which may include acquisitions," Mitel said in a statement.

It currently owes $30m as a revolving credit facility and $289m as a first lien term loan.

For the nine months to the end of January Mitel made sales of $484m and booked net profit of $15.2m.

The vendor previously made plans for an IPO in 2007 but put them on hold following the acquisition of Inter-Tel.

Last month it hinted at plans to refresh its channel strategy as a result of the IPO, targeting more enterprise business through systems integrators.

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