Avanti Secures Refinancing Deal
Avanti Communications has completed a refinancing deal that gives the company a new capital injection and an extension to pay back loans, the company announced on Monday. Avanti’s latest refinancing transaction results in an extension of its super senior facility to Jan. 31, 2022. Avanti will also now benefit from a new capital injection of $30 million from existing junior lenders. It also sees an extension in the maturity of the 1.25/1.5 lien credit facility to July 31, 2022.
The company said completing this transaction will allow it to execute on its growth plan including closing on a number of contracts the company says it has in the pipeline. Avanti secured three major contracts with Mobile Network Operators (MNOs) and tower companies toward the end of 2020, collaborating with them to provide cellular backhaul across Africa using its HYLAS 4 satellite.
“The material maturity extension and additional capital injection represent a strong vote of support from our existing investors in the business, its prospects and the management team. We have a strong pipeline of opportunities for 2021 and beyond, including growing revenues from defense partnerships and from our fast growing carrier business, putting us in a position to continue to drive revenue and further accelerate our growth in the future,” Kyle Whitehill, Avanti CEO said in a statement.