LONDON (Alliance News) - Avanti Communications Group PLC on Tuesday said it has closed a new USD55 million credit facility, while it has extended another facility.
Earlier in May, Avanti started a consent solicitation with all noteholders over the facility, with 60% of noteholders needed to approve the financing.
The new two-year 1.5 lien facility matures in May 2021, or July that year if its extends its existing super senior facility. This senior facility has been extended to January 2021, with the interest rate reset to 9.5%.
Elsewhere, Avanti has reaffirmed all guidance given in March, though it hopes to reduce the cost of bandwidth sales by 15% a year by 2020. This should result in positive earnings before interest, tax, depreciation, and amortisation in 2019 for the bandwidth business.
Avanti has also confirmed its HYLAS 3 satellite will launch from French Guiana on July 24, completing the latest round of satellite expenditure for the company.
Shares were 3.6% higher on Tuesday at a price of 1.73 pence each. The company is to release results for the 18 months to December on June 7.