RNS16 May 2019 15:13
Avanti Communications Group Plc
16 May 2019
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 ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
For immediate release
May 16, 2019
Avanti Communications Group plc
Expiration of Consent Solicitation
Avanti Communications Group plc (AIM: AVN.L) (the "Company" or "Avanti") announces that its previously announced consent solicitation (the "Consent Solicitation") to, inter alia, give the Company (i) the ability to raise additional capital borrowed in the form of super senior debt including in the form of the New 1.5 Facility as well as (ii) the ability to provide for the priority of payment of enforcement proceeds so that New 1.5 Facility will be senior relative to the Notes and junior to the existing super senior debt, expired at 5:00 p.m., New York time, on May 14, 2019 (the "Expiration Time")
The Consent Solicitation was made pursuant to the terms and subject to the conditions set forth in the consent solicitation statement (the "Consent Solicitation Statement") dated May 9, 2019, as supplemented May 13, 2019.
At the Expiration Time, the Company had received consents from holders representing 94.94% in aggregate principal amount of the Notes in connection with the Consent Solicitation.
The settlement date for the Consent Solicitation is expected to be on or about three business days after the date hereof, at which time the Company will make a consent payment of $0.05 per $1,000 principal amount of Notes, to be paid in the form of cash, to holders who validly delivered a consent in connection with the Consent Solicitation prior to 5:00 p.m., New York time, on May 14, 2019.
As part of the previously announced re-financing in the range of $225-250 million, the Company has successfully obtained the ability under the Indenture to raise up to $75.0 million additional capital in the form of the New 1.5 Facility and to enter into the ICA Amendment.
Any questions or requests for assistance related to the Consent Solicitation may be directed to D.F. King & Co., Inc., the information and tabulation agent in connection with the Transaction, at +1 (800) 714-3306 (toll free), +1 (212) 269-5550 (collect) or by email to: avn@dfking.com.
Terms used but not defined in this press release have the meaning given to them in the Consent Solicitation Statement.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Upon the publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.
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