Avanti gets approval for extra borrowing

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Avanti Communications says it has received approvals (“Consents”) from 94.94 per cent of existing bond and debt-holders to seek fresh borrowing. Avanti is talking of borrowing an extra $75 million.

The permissions mean that Avanti can proceed with its plan to raise further debt in the form of ‘Super Senior debt’ and that such debt will take precedence over the company’s debt Notes but junior to its existing ‘Super Senior debt’.

Existing lenders get a modest payment of 5 cents for each $1000 of Notes held, stated a formal statement to the London Stock Exchange.


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