TIDMAVN
RNS Number : 2885Z
Avanti Communications Group Plc
16 May 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
For immediate release
May 16, 2019
Avanti Communications Group plc
Expiration of Consent Solicitation
Avanti Communications Group plc (AIM: AVN.L) (the "Company" or
"Avanti") announces that its previously announced consent
solicitation (the "Consent Solicitation") to, inter alia, give the
Company (i) the ability to raise additional capital borrowed in the
form of super senior debt including in the form of the New 1.5
Facility as well as (ii) the ability to provide for the priority of
payment of enforcement proceeds so that New 1.5 Facility will be
senior relative to the Notes and junior to the existing super
senior debt, expired at 5:00 p.m., New York time, on May 14, 2019
(the "Expiration Time")
The Consent Solicitation was made pursuant to the terms and
subject to the conditions set forth in the consent solicitation
statement (the "Consent Solicitation Statement") dated May 9, 2019,
as supplemented May 13, 2019.
At the Expiration Time, the Company had received consents from
holders representing 94.94% in aggregate principal amount of the
Notes in connection with the Consent Solicitation.
The settlement date for the Consent Solicitation is expected to
be on or about three business days after the date hereof, at which
time the Company will make a consent payment of $0.05 per $1,000
principal amount of Notes, to be paid in the form of cash, to
holders who validly delivered a consent in connection with the
Consent Solicitation prior to 5:00 p.m., New York time, on May 14,
2019.
As part of the previously announced re-financing in the range of
$225-250 million, the Company has successfully obtained the ability
under the Indenture to raise up to $75.0 million additional capital
in the form of the New 1.5 Facility and to enter into the ICA
Amendment.
Any questions or requests for assistance related to the Consent
Solicitation may be directed to D.F. King & Co., Inc., the
information and tabulation agent in connection with the
Transaction, at +1 (800) 714-3306 (toll free), +1 (212) 269-5550
(collect) or by email to: avn@dfking.com.
Terms used but not defined in this press release have the
meaning given to them in the Consent Solicitation Statement.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Upon the
publication of this announcement, the inside information is now
considered to be in the public domain for the purposes of MAR.
Avanti Communications Nigel Fox Tel: +44 20 7749 1600
Cenkos Securities (Nomad) Max Hartley / Katy Birkin
Tel: +44 207 397 8900
Newgate Communications Ralph Anderson: +44 (0)20 3757
6883
Important Notices
This announcement may contain forward-looking statements
regarding future events or the future financial performance of
Avanti. You can identify forward looking statements by terms such
as "expect", "believe", "estimate", "anticipate", "intend", "will",
"could", "may", or "might", the negative of such terms or other
similar expressions. These forward-looking statements include
matters that are not historical facts and statements regarding
Avanti's intentions, beliefs or current expectations concerning,
among other things, the expected outcome of the Consent
Solicitation. By their nature, forward-looking statements involve
risks and uncertainties, because they relate to events and depend
on circumstances that may or may not occur in the future. Avanti
cautions you that forward-looking statements are not guarantees of
future performance and that Avanti's actual results may differ
materially from those described in or suggested by the
forward-looking statements contained in this announcement. In
addition, even if Avanti's results are consistent with the
forward-looking statements contained in this announcement, those
results or developments may not be indicative of results or
developments in future periods. Avanti does not intend to update
these statements to reflect events and circumstances occurring
after the date hereof or to reflect the occurrence of unanticipated
events. Many factors could cause the actual results to differ
materially from those contained in forward-looking statements of
Avanti, including, among others, general economic conditions, the
competitive environment and the many other risks specifically
related to Avanti and its operations, including those discussed in
this announcement.
This announcement is for information purposes only and is not
intended to, and does not, constitute or form part of any offer,
invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any
securities whether pursuant to this announcement or otherwise. The
terms of the Consent Solicitation are contained in the relevant
Consent Solicitation Statement and accompanying Letter of Consent
and related documents. Questions concerning the Consent
Solicitation should be directed to D.F. King & Co., Inc., the
Information and Tabulation Agent, at +1 (800) 714-3306 (toll free),
+1 (212) 269-5550 (collect) or by email to: avn@dfking.com.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
In particular, this announcement is not an offer of securities
for sale in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from
registration under the United States Securities Act of 1933. Any
securities mentioned herein have not been and will not be
registered under the United States Securities Act of 1933, and no
public offering will be made in the United States.
For further information, please contact: Avanti Nigel Fox Tel:
+44 (0)207 749 1600
About Avanti
Avanti connects people wherever they are - in their homes,
businesses, in government and on mobiles. Through the HYLAS
satellite fleet and its partners across 118 countries, the network
provides ubiquitous internet service to a quarter of the world's
population. Avanti delivers the level of quality and flexibility
that the most demanding telecoms customers in the world seek.
Avanti is the first mover in high throughput satellite data
communications in EMEA. It has rights to orbital slots and Ka-band
spectrum in perpetuity that covers an end market of over 1.7bn
people.
The Group has invested $1.2bn in a network that incorporates
satellites, ground stations, datacentres and a fibre ring.
Avanti has a unique Cloud-based customer interface that is
protected by patented technology.
Avanti Communications is listed in London on AIM (AVN: LSE).
www.avantiplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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