Avanti goes down to the wire
February 21, 2022
By Chris Forrester
London-based speciality satellite operator Avanti Communications is reportedly about to repay $150 million (€132.2m) of its outstanding debt obligations.
Details are scarce but it is known that the company has a debt payment deadline of February 28th. The company has been slow in releasing financial trading data. The most recent statement covered the six months ending June 30th 2020 and was released on January 4th 2021. Revenue for that half-year was $32 million.
The January 4th 2021 statement said it had extended its Super Senior Facility of $145.5 million to February 8th 2021. That deadline was subsequently extended, initially to January 31st 2022, and subsequently to the February 28th 2022.
There are considerable other debts in place, the largest being its ‘Payment in Kind’ so-called Toggle Notes of $410.9 million due for payment or restructuring on October 1st 2022. Avanti’s overall debts (as reported in January 2021) amount to $598.2 million.
Somewhat worrying, Avanti has announced it had delayed holding its AGM for the year ending December 31st 2021 “as the Company is in the process of finalising its 2020 annual report and accounts of the Company”. Its auditors, KPMG, resigned the account on February 21st 2020.
UPDATE (22/2/22): An Avanti spokesperson confirmed to Advanced-Television: “We have extended our loan facility while we finalise an imminent announcement.”