Ontario · Foreign recognition (CCAA)
Application Record
Application / notice of application · 10 March 2025
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What we verified from this filing9 verified
- secured creditorsnote: Capital structure table (p.50) rounds outstanding amount to $3 million as of March 2025; MNC is a guarantor of the ABL Loans but has not granted Canadian security in respect of this facility (security only granted for Senior and Junior Loans). · page: 28 · as of: Petition Date (March 10, 2025) · amount: 2750000 · debtor: Mitel Networks Corporation (MNC) - guarantor · creditor: BTG Pactual US (ABL Lender) · currency: USD · security: Swiss ABL Loan Credit Agreement dated May 30, 2024; guaranteed by TopCo, MNIL, MNC and other subsidiaries
- secured creditorsnote: Capital structure table (p.50) rounds outstanding amount to $14 million as of March 2025; no Canadian security granted by MNC for ABL Loans. · page: 29 · as of: Petition Date (March 10, 2025) · amount: 14250000 · debtor: Mitel Networks Corporation (MNC) - guarantor · creditor: BTG Pactual US (ABL Lender) · currency: USD · security: Non-Swiss ABL Loan Credit Agreement dated May 30, 2024
- secured creditorspage: 50 · as of: as of March 2025 (Petition Date) · amount: 576000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted Canadian security to Senior Collateral Agent · creditor: Senior Collateral Agent (Wilmington Savings Fund Society, FSB) for Second Lien Lenders · currency: USD · security: Second Lien Credit Agreement dated October 18, 2022; subordinate to Priority Lien Loans, senior to Third Lien and Legacy facilities per Omnibus Intercreditor Agreement
- secured creditorsnote: Combined with Third Lien Additional Facility, approximately $157 million remained outstanding as of the Harmes Affidavit (p.413). · page: 50 · as of: as of March 2025 (Petition Date) · amount: 125000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted Canadian security to Senior Collateral Agent · creditor: Senior Collateral Agent (Wilmington Savings Fund Society, FSB) for Third Lien Lenders · currency: USD · security: Third Lien Credit Agreement dated October 18, 2022
- secured creditorspage: 50 · as of: as of March 2025 (Petition Date) · amount: 156000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted New Canadian General Security Agreement over all personal property and Canadian Pledged Collateral · creditor: Senior Collateral Agent (Wilmington Savings Fund Society, FSB) for Priority Lien Lenders · currency: USD · security: Priority Lien Credit Agreement dated October 18, 2022; senior-most lien on Common Collateral per Omnibus Intercreditor Agreement
- secured creditorspage: 50 · as of: as of March 2025 (Petition Date) · amount: 235000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted security to Junior Collateral Agent · creditor: Junior Collateral Agent (Ankura Trust Company, LLC) for Legacy Senior Lenders · currency: USD · security: Legacy Senior Credit Agreement (First Lien Credit Agreement) dated November 30, 2018; subordinate to all Senior Loans per Omnibus Intercreditor Agreement
- secured creditorspage: 50 · as of: as of March 2025 (Petition Date) · amount: 108000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted security to Junior Collateral Agent · creditor: Junior Collateral Agent (Ankura Trust Company, LLC) for Legacy Junior Lenders · currency: USD · security: Legacy Junior Credit Agreement (Second Lien Credit Agreement) dated November 30, 2018; most subordinate lien on Common Collateral
- secured creditorsnote: See Third Lien Term Loans note re: combined ~$157 million outstanding per Harmes Affidavit (p.413). · page: 50 · as of: as of March 2025 (Petition Date) · amount: 32000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted Canadian security to Senior Collateral Agent · creditor: Senior Collateral Agent (Wilmington Savings Fund Society, FSB) for Third Lien Lenders · currency: USD · security: Third Lien Incremental Assumption Agreement dated March 9, 2023 (Third Lien Additional Facility)
- secured creditorsnote: Capital structure table (p.50) states outstanding amount as approximately $64 million as of March 2025 (rounded); Yetter/Harmes affidavit states approximately $65 million remains outstanding. · page: 412 · as of: date of Harmes Affidavit (on or about March 10, 2025) · amount: 65000000 · debtor: Mitel Networks Corporation (MNC) - guarantor; granted Canadian security to Senior Collateral Agent · creditor: Senior Collateral Agent (Wilmington Savings Fund Society, FSB) for Priority Lien Lenders · currency: USD · security: Priority Incremental Assumption Agreement dated November 18, 2022 (Incremental Revolving Loans); commitments reduced from $90 million to $65 million; ranks pari passu with Priority Lien Term Loans