Avanti receives refinancing consent from bulk of note holders

6th Jan 2017 14:36

(ShareCast News) - Avanti Communications confirmed on Friday that it has received consents from holders of 91.85% of its senior secured notes due in 2019, having previously announced the launch of a consent solicitation, exchange offer and new money offer as part of a larger financial refinancing on 20 December.The AIM-traded firm said the consent solicitation was to permit, among other things, the incurrence of up to $132.5m in super senior indebtedness and the payment of PIK Interest on the notes in lieu of cash for certain future interest payments due.Avanti said has amended and restated the indenture governing the notes, effecting the amendments approved in the consent solicitation."As a result, revocation rights in connection with the consent solicitation have been terminated," the board said in a statement."The amendments will become operative upon the payment of the consent payment and the satisfaction or waiver of the other conditions set forth in the consent solicitation statement, exchange offer and new money offer memorandum."Avanti said it expects to make a consent payment on or around 26 January of $2.50 per $1,000 principal amount of notes, to be paid in the form of cash, to holders who validly delivered a consent prior to 2359 ET on 4 January."The company welcomes the support of investors in funding the business with this $242m financing package and looks forward to the forthcoming launch of HYLAS 4 this year which will mark a major step forward for the business," said chief executive David Williams.