AVN.L Regulatory News (AVN)

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This announcement contains Inside Information

For immediate release

Avanti Communications Group plc

Successful Consent Solicitation

6 January 2017

On 20 December 2016, Avanti Communications Group plc (the "Company") announced the launch of a consent solicitation, exchange offer and new money offer as part of a larger financial refinancing. The Company announces today that it has received consents from holders of 91.85% of its Senior Secured Notes due 2019 (the "Notes") in connection with 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 the Notes in lieu of cash for certain future interest payments due on the Notes.

The Company has amended and restated the indenture governing the Notes, effecting the amendments approved in the consent solicitation. As a result, revocation rights in connection with the consent solicitation have been terminated. The amendments will become operative upon the payment of the consent payment and the satisfaction or waiver of the other conditions set forth in the consent solicitation statement, exchange offer and new money offer memorandum (the "Memorandum"). The Company expects to make a consent payment on or around 26 January 2017 of $2.50 per $1,000 principal amount of Notes, to be paid in the form of cash, to holders who validly delivered a consent prior to 11:59 p.m., New York time, on 4 January 2017.

David Williams, Chief Executive said "The Company welcomes the support of investors in funding the business with this $242m financing package and looks forward to the forthcoming launch of HYLAS 4 this year which will mark a major step forward for the business."

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.

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