Avanti Communications Group Plc Completion of Refinancing (2633V)
January 27 2017 - 2:00AM
UK Regulatory
TIDMAVN
RNS Number : 2633V
Avanti Communications Group Plc
27 January 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
This announcement contains Inside Information
For immediate release
Avanti Communications Group plc
Announces Completion of Refinancing
27 January 2017
Avanti Communications Group plc (the "Company") today announces
the completion of its previously announced $242.0 million
refinancing, with the settlement of its (1) consent solicitation
(the "Consent Solicitation") to permit, among other things, the
incurrence of up to $132.5 million in super senior indebtedness and
the payment of PIK interest on its 10% Senior Secured Notes due
2019 (the "Existing Notes") in lieu of cash for certain future
interest payments due on the Existing Notes, (2) offer to holders
of its Existing Notes the opportunity to purchase up to $132.5
million aggregate principal amount of 10%/15% Senior Secured Notes
due 2021 (the "PIK Toggle Notes") (the "New Money Offer") and (3)
offer to holders participating in the New Money Offer to exchange a
portion of their Existing Notes for additional PIK Toggle
Notes.
Through the successful completion of the Consent Solicitation
and the New Money Offer, the Company will have received $80.0
million of new cash funding, with an additional $50.0 million of
funding available on a delayed draw basis, and will have the
ability to defer up to $112.0 million of future interest payments
through April 2018. This additional liquidity will provide the
Company with significant working capital to launch HYLAS 4 and grow
its capital structure.
David Williams, Chief Executive Officer of the Company, said
"Avanti is grateful for the support of its investors and all
stakeholders in completing the financing which supports the launch
of HYLAS 4 this year. We can now focus all of our energies on the
delivery of market-beating service to a growing list of
international telecoms customers."
Important Notices
This announcement is for information purposes only and is not
intended to, and does not, constitute or form part of any offer,
invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any
securities whether pursuant to this announcement or otherwise. The
distribution of this announcement in jurisdictions outside the
United Kingdom may be restricted by law and therefore persons into
whose possession this announcement comes should inform themselves
about, and observe such restrictions. Any failure to comply with
the restrictions may constitute a violation of the securities law
of any such jurisdiction.
In particular, this announcement is not an offer of securities
for sale in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from
registration under the United States Securities Act of 1933. Any
securities mentioned herein have not been and will not be
registered under the United States Securities Act of 1933, and no
public offering will be made in the United States.
Enquiries:
Avanti Communications David Williams, Nigel Fox
Group plc Tel: +44 20 7749 1600
Cenkos Securities (Nomad) Max Hartley, Nicholas Wells
Tel: +44 207 397 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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