Avanti Communications talks $150 million tack-on to its 10% notes due 2019 at 105; pricing Thursday

By Paul A. Harris

Portland, Ore., June 12 – Avanti Communications Group plc talked a $150 million tack-on to its 10% senior secured notes due Oct. 1, 2019 to price at 105, a market source said.

Books close at 1 p.m. ET Thursday, and the deal will allocate thereafter.

Jefferies LLC is the bookrunner.

The notes become callable on April 1, 2018 at 102.5.

Proceeds will be used to partially fund the design, construction, insurance and launch of a new HYLAS 4 satellite.

Avanti Communications is a London-based provider of satellite communications in Europe, Africa and the Middle East.

The original $375 million issue priced at par on Sept. 26, 2013.

The tack-on notes will be immediately fungible with the original notes.

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