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Avanti plans debt issue to tide over liquidity concerns

Reuters

(Reuters) - Satellite group Avanti Communications (AVN.L) said on Friday it had begun a process to pay debt due in October by issuing debt that would mature in 2019, in order to address a liquidity crunch.

The company, which put itself up for sale in July, said it launched a consent solicitation process to pay a $32.25 million coupon due next month, by issuing additional senior secured notes due 2019.

The move was supported by about 60 percent of bondholders holding the 2016 debt, Avanti said.

Revenue is expected to grow 35-40 percent annually over the next 2-3 years, Avanti said. In July, the company had said it saw full-year revenue at about $83 million, implying a 35 percent jump.

The company said it had about $56 million in cash as of Sept. 9.

(Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)