Mitel Pays Down $25 Million Against Existing Credit Facility

OTTAWA, July 19, 2016 (GLOBE NEWSWIRE)

Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in real-time business, cloud and mobile communications, announced that the company has made payments totaling US$25 million against its existing credit facility. The action of paying down debt is consistent with the company's commitment to shareholders and the investment community to utilize surplus cash reserves to strengthen its capital structure.

"Our solid execution through the second quarter combined with the receipt of the $60 million termination fee received from Polycom has provided the company with cash in excess of our immediate working capital needs," said Steve Spooner, Chief Financial Officer for Mitel. "Year-to-date, including payments of $25 million since we reported first quarter results in early May, we have paid down a total of $65 million against our existing credit facility."

About Mitel

A global market leader in enterprise and mobile communications powering more than 2 billion business connections and 2 billion mobile subscribers every day, Mitel (Nasdaq:MITL) (TSX:MNW) helps businesses and mobile carriers connect, collaborate and provide innovative services to their customers. Our innovation and communications experts serve more than 60 million business users in more than 100 countries, and 130 mobile service providers including 15 of the top 20 mobile carriers in the world. That makes us unique, and the only company able to provide a bridge between enterprise and mobile customers. For more information, go to www.mitel.com and follow us on Twitter @Mitel.

Mitel is the registered trademark of Mitel Networks Corporation.

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Contact Information

Media – Americas
Camille Beasley
469-212-0433
camille.beasley@mitel.com

Media – EMEA/AP
Duncan Miller
+44 (0) 1291 612 646
duncan.miller@mitel.com

Investors
Michael McCarthy
469-574-8134
michael.mccarthy@mitel.com

Industry Analysts
Amy MacLeod
613-691-3317
amy.macleod@mitel.com