More favourable debt terms
The company has announced a further positive financing development with the securing of $100m of Super Senior Debt with a coupon of 7.5% that provides a significant reduction in interest payable on around 10% of outstanding gross debt. The recent trading updates are less positive and we have reduced our expectations accordingly. In addition, we still await a launch date for HYLAS 4 which is a crucial factor in attaining the required revenue and cash flow development. The fair value for the equity falls to 93p from 109p previously with our longer-term assumptions unaltered.Avanti Communications Group is engaged in commercial exploitation of its space and network assets. These assets include its spectrum rights, satellites, intellectual property and ground station assets. Co.'s network and other assets include broadband packages, managed capacity, fully integrated project, raw capacity, pure spectrum and a number of other product categories and models to suit customer and market circumstances. Co.'s technology platform is made up of two operational satellites and one hosted payload in orbit, two satellites under construction, and a ground segment infrastructure delivering comprehensive coverage of Europe, the Middle East and Sub-Saharan Africa.
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