Avanti’s financial debt has been reduced from $810 million to $260 million. This significantly strengthens Avanti’s financial position moving ahead as we continue to build our business and strive to meet our customers’ needs.
Funds (or subsidiaries of such funds) and/or accounts managed, advised or controlled by HPS Investment Partners LLC or affiliates/subsidiaries thereof ($80 billion leading global investment firm) and Solus Alternative Asset Management LP (leading US registered investment advisor specialising in corporate recapitalisations) will become the principal shareholders.
Avanti will continue business as usual, but with a stronger balance sheet. There will be no change to the Avanti team or Avanti’s business activities, assets, and technical capabilities.
Kyle Whitehill, Avanti CEO, said “Today’s completion of our planned financial recapitalisation marks a major milestone in Avanti’s transformation as a business. Achieving this significant reduction in our legacy debt burden leaves us in a strong position to continue the growth of our business and to deliver our mission of connecting the unconnected across Europe, the Middle East & Africa through our HYLAS fleet of Ka-band satellites.”
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