By Paul A. Harris
Portland, Ore., June 12 – Avanti Communications Group plc priced a $150 million tack-on to its 10% senior secured notes due Oct. 1, 2019 (expected ratings Caa1/B) at 105 to yield 8.575% on Thursday, according to an informed source.
The reoffer price came on top of price talk.
Jefferies LLC was the bookrunner.
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.
| Issuer: | Avanti Communications Group plc
|
| Face amount: | $150 million
|
| Proceeds: | $158 million
|
| Maturity: | April 1, 2019
|
| Security description: | Tack-on to 10% senior secured notes due April 1, 2019
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 10%
|
| Price: | 105
|
| Yield to worst: | 8.575%
|
| First call: | April 1, 2018 at 102.5
|
| Trade date: | June 12
|
| Settlement date: | June 17 with accrued interest
|
| Expected ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 105
|
| Marketing: | Quick to market
|
| Original issue: | $375 million priced at par on Sept. 26, 2013
|
| Fungibility: | Tack-on notes will be immediately fungible with the original notes
|
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