Elias Neocleous & Co LLC acted as Cyprus counsel to Avanti Communications Group plc (LON:AVN) along with Milbank, Tweed, Hadley & McCloy LLP in respect of the USD 100 million super senior facility agreement dated 15 June 2017 between Avanti and its subsidiaries on the one hand and HPS Investment Partners on the other. In addition we assisted with the amendment and restatement of the intercreditor agreement and the entry into supplemental indentures in order to facilitate the entry into the new senior facility agreement.
The proceeds from the super senior facility replace an existing undrawn higher-cost USD 50 million debt facility and provide USD 50 million additional new liquidity. They will be used to complete the construction and launch of the company’s HYLAS 4 satellite and, subject to certain conditions, may be used to redeem or repurchase some of the company’s outstanding high yield notes.
