AVN.L Regulatory News (AVN)

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

8 February 2018

Avanti Communications Group PLC

Successful Consent Solicitations

Avanti Communications Group PLC (AIM: AVN) ("Avanti" or the "Company") today announces that, pursuant to its previously announced consent solicitations, it has received consents from holders representing 98.09% in aggregate principal amount of its 10%/15% Senior Secured Notes due 2021 (the "2021 Notes") and 87.73% in aggregate principal amount of its 12%/17.5% Senior Secured Notes due 2023 (the "2023 Notes" and, together with the 2021 Notes, the "Notes").

As the Company has received the requisite consents pursuant to each of the consent solicitations, it has executed supplemental indentures to the indentures governing the Notes to effect the amendments approved in each consent solicitation. As a result, revocation rights with respect to each consent solicitation have been terminated.

The Majority Proposed Amendments (as defined in each of the consent solicitation statements, dated 25 January 2017) have automatically become effective and operative with respect to all holders of Notes.

The Jurisdiction Proposed Amendments (as defined in the consent solicitation statement with respect to the 2023 Notes (the "2023 Statement")) will only become operative upon the payment of the consent payment of $0.05 per $1,000 principal amount of 2023 Notes (the "2023 Consent Payment") to holders that consented at or prior to the Early Consent Time (as defined in 2023 Statement) and the satisfaction or waiver of the other conditions described in the 2023 Statement. The Company expects to make the 2023 Consent Payment on or before 19 February 2018.

The 90% Proposed Amendments (as defined in the consent solicitation statement with respect to the 2021 Notes (the "2021 Statement")) will only become operative upon the payment of the consent payment of $2.50 per $1,000 principal amount of 2021 Notes (the "2021 Consent Payment") to holders that consented at or prior to the Early Consent Time (as defined in the 2021 Statement) and the satisfaction or waiver of the other conditions described in the 2021 Statement, including the occurrence of the Restructuring Effective Date (as defined in the 2021 Statement). If the Restructuring Effective Date occurs, the Company will promptly notify holders of 2021 Notes of such date and the date on which the 2021 Consent Payment will be made.

As the requisite consents to the 90% Proposed Amendments to the indenture governing the 2021 Notes were received, the Company will no longer pursue an English law scheme of arrangement, as previously contemplated, with respect to these amendments.

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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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RNS