Avanti Communications gets consents needed to amend note indenture

By Wendy Van Sickle

Columbus, Ohio, Feb. 12 – Avanti Communications Group plc received requisite consents under a solicitation of consents from holders of its notes launched on Feb. 4, the company said in a news release.

The company asked noteholders to approve an increase in the basket in Section 4.09(b) of the note indenture to $190 million from $145 million and some other changes in connection with a $30 million capital injection.

Additionally, Avanti asked holders to approve a release of funds and a waiver of some past defaults.

At the time when a supplemental indenture was executed, Avanti received consents from holders of 78.49% of the notes.

Avanti said it has now closed the solicitation.

D.F. King & Co., Inc. (800 317-8033, 212 269-550 or avn@dfking.com) is the information and tabulation agent.

Avanti is a London-based satellite communications provider.

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