Avanti decides not to sell after securing refinancing deal

by | Dec 22, 2016 | Finance, Satellites | 0 comments

UK based, Fixed Service Satellite operator Avanti Communications Group, which put itself up for a potential sale in July, has announced that it has secured its finances into 2017, and no longer needs a buyer. The deal finalised on 20 December, will result in a US$242 million refinancing arrangement consisting of US$130 million in new funding and the other US$112 million from deferred interest payments.

The deal is intended to keep the company afloat until mid-2017 when its new HYLAS-4 spacecraft is scheduled to be launched. The company’s forecasts expect the new spacecraft to almost double the revenue potential of its fleet. This schedule has slipped from its previous early-2017 slot, after a late-delivery announcement by satellite builder Orbital ATK.

Amongst the agreed deferred payments are deals with HYLAS-4 prime manufacturer Orbital ATK, for late payment of US$20 million by 1 January, and contracted launch provider Arianespace, accepting a US$18.7 million late payment by 28 December.

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