Avanti gets OK to issue new bonds for satellite construction

By Toni Weeks

San Luis Obispo, Calif., June 12 – Avanti Communications Group plc said it obtained the required consents to allow it to issue new bonds, the proceeds of which will help finance the construction of its new HYLAS 4 satellite, according to a company announcement with the London Stock Exchange.

The company said on June 3 that it was looking into using the U.S. bond market to raise funds given the strong performance of its 10% senior secured notes due 2019 issued in October 2013.

Avanti is planning to price a $150 million tack-on to its 10% notes at 105 on Thursday, as reported by Prospect News.

Avanti is a London-based satellite operator with customers in Europe, Middle East and Africa.

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