January 25, 2018 / 6:08 PM / 8 months ago

BRIEF-Avanti Communications Forecasts FY Revenue Of At Least $50 Mln

Jan 25 (Reuters) - Avanti Communications Group Plc:

* ‍LAUNCH OF CONSENT SOLICITATIONS AND UPDATE ON OUTLOOK​

* ‍SIMULTANEOUSLY COMMENCED FOUR CONCURRENT AND DISTINCT SOLICITATIONS OF CONSENTS​

* HOLDERS OF ABOUT 80% OF OUTSTANDING 2021 NOTES, 71% OF OUTSTANDING 2023 NOTES ENTERED INTO RESTRUCTURING AGREEMENT WITH CO

* ‍EXPECTS TO INCUR AN ADDITIONAL $121.8 MILLION IN CONNECTION WITH CONSTRUCTION, LAUNCH AND INSURANCE OF HYLAS 4​

* ‍HYLAS 3 CONTINUES TO EXPERIENCE DELAYS AND EUROPEAN SPACE AGENCY ADVISED AVANTI NOT TO EXPECT A LAUNCH UNTIL FIRST 3 MONTHS OF 2019​

* ‍CURRENTLY EXPLORING BEST OPTIONS FOR EXPLOITATION OF HYLAS 3​

* ‍FORECAST THAT REVENUE FOR CURRENT FINANCIAL YEAR WILL NOT BE LESS THAN $50 MILLION​

* LARGE INFREQUENTLY RECURRING DEAL IN PIPELINE THAT, IF IT CLOSES, WOULD ADD $40 MILLION TO REVENUE, $18 MILLION OF ASSOCIATED COSTS, IN CURRENT YEAR​

* ‍EXCLUDING COSTS ASSOCIATED WITH POTENTIAL LARGE DEAL, UNDERLYING COSTS REMAIN IN LINE WITH GUIDANCE AT ABOUT $75 MILLION PER ANNUM​

* ‍CAPITAL EXPENDITURE OF $117 MILLION EXPECTED FOR FISCAL YEAR ENDING 30 JUNE 2018 PRIMARILY RELATES TO LAUNCH OF HYLAS 4​

* ‍AS OF 31 DECEMBER 2017, COMPANY HAD CASH AND CASH EQUIVALENTS OF APPROXIMATELY $68.0 MILLION​ Source text for Eikon: Further company coverage:

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