Avanti Communications, the Satellite broadband provider has raised £70 million through the sale of shares to help fund getting it’s first satellite launched into space.
The press release form the share sale read:
“The net proceeds from the Placing will help provide Avanti with funds in order to repay the fixed term facilities of a principal amount of £32 million (£53 million including accrued interest and an early repayment discount) borrowed in order to finance HYLAS 1, Avanti’s first satellite, and to enable Avanti to initiate the procurement of a third satellite. It will also provide additional resources for the Company to re-domicile the HYLAS 2 assets offshore.“
Avanti had hoped to have it’s first satellite HYLAS 1 launched by the end of September, but delays of around 6 weeks are expected due to the launch pad in French Guyana not being ready. However, to make sure there is as little delay as possible Avanti are looking at using an Ariane 5 launch vehicle although the Ariane 5 usually takes up 2 satellites for launch and so this factors into considerations.
Avanti also have HYLAS 2 satellite that they hope will be launched in the first half of 2012.
Satellite broadband will help bring broadband to rural and remote areas where it is not feasible to get a fixed line broadband connection to them.