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Debt deal sends Avanti soaring

Cost of borrowing slashed but future remains in doubt
Thursday 22 Jun 2017 Author: Steven Frazer
Smaller Companies

Satellites operator Avanti Communications (AVN:AIM)
saw its share price rocket 22% to 9.7p on 16 June after securing a $100m debt deal.

The agreement incurs interest at 7.5% annually. It will allow Avanti pay off a more expensive 10% interest rate, $50m loan facility. The rest will be spent on the launch of Avanti’s HYLAS 4 satellite.

The balance sheet still remains stretched with $788.5m (£616.26m) of debt as of 31 March 2017, versus a current market cap of $20.8m (£16.3m).

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22 Jun 2017

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