LONDON (Alliance News) - Avanti Communications Group PLC said Thursday that amongst the variety of financing options, it is planning to launch a new 1.5 lien facility.
The facility will be senior to the priority of enforcement proceeds relative to the 9%/9% senior notes due 2022 and junior to existing super senior debt.
Should the new facility be put in place, holders of the notes will be invited to become lender under the facility, in the amount proportionate to their holdings of the notes.
Following from this, Avanti has started a consent solicitation, to all noteholders, to give the company the ability to raise additional capital borrowed in the form of senior debt including in the form of the new facility.
The solicitation will expire on Tuesday next week, and requires consent from noteholders representing 60% of the outstanding notes.
Shares in the satellite communications company closed 2.1% lower at 2.14 pence on Thursday.