Avanti secures extra $30m in financing
February 8, 2021
By Chris Forrester
February 8th was when London-based speciality satellite operator Avanti Communications needed to refinance its $145 million debt (Super Senior Facility/SSF) or extend the period of borrowing which it has achieved, at least by a week.
In a statement on February 8th, Avanti said: “Today the Company announces that it has agreed on the headline terms of an amendment and extension of the SSF to 31 January 2022 (the “A&E Transaction”). When completed, the A&E Transaction will provide a material maturity extension of the SSF combined with a new capital injection of $30 million provided by the Company’s existing junior lenders, enabling the Company to execute on its growth plan including the closing of its exciting pipeline of significant contracts.”
Avanti added: “In order to provide time to finalise (i) requisite consent processes and (ii) definitive long form documentation, the Company has agreed a short-term extension of the maturity of the SSF from 8 February 2021 to 15 February 2021”.