(Updating to add details on pipeline proposals; Ka band frequencies)
LONDON (Thomson Finan
cial) - Avanti Communications Group PLC said it has signed a facility deal with a syndicate of lenders for 32 mln stg over seven years, which completes the funding for its Hylas project and added it is confident of meeting market expectations for the current year.
The company said the debt facility provides sufficient capital to complete the financing of its satellite construction, launch, insurance and operation together with working capital.
Avanti said it enters the new year with a strong pipeline of potential Hylas capacity pre-sales and that the marketing process for Hylas pre-sales began during the second half.
'The pipeline proposals under discussion with potential customers amount to total potential lifetime revenue of approximately 110 mln stg, giving us confidence in meeting market expectations this year,' the media and telecommunications company said.
It said it had completed its June year with 'trading in line with market expectations'.
The company also said it has agreed to acquire the rights to use certain new Ka band frequencies in new orbital positions covering the emerging markets. No financial details were disclosed.
The new frequencies give Avanti the option to launch additional satellites, based on the Hylas design, to cover the new markets, it added.
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