Proceeds for the contribution will come from a sale of common stock. That sale, announced earlier in the week, was for 34.5 million newly issued shares priced at $10.20 per share, the Basking Ridge, New Jersey-based company said in a news release.
The voluntary contribution is in addition to the $42 million in contributions Avaya is obligated to make to the plan in fiscal 2003. Of the $42 million, Avaya made a $7-million contribution in April and a $7million contribution in July and said it would make a $28-million contribution this month. With the latest contribution, Avaya said it would not have to make a previously planned $44-million payment to its pension fund in fiscal year 2004.
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