[Satellite TODAY 07-15-10] Avanti Communications has raised about 70 million British pounds ($106.8 million) through the sale of 16.28 million company shares, the satellite operator announced July 14.
    Avanti said it will use funds raised from the sale to repay the fixed-term facilities of a principal amount of 32 million pounds ($48.8 million) borrowed in order to finance the Hylas 1 satellite — Avanti’s first spacecraft scheduled to be launched by Arianespace in September. The remainder of the funds will enable Avanti to initiate the procurement of a third satellite and to provide additional resources for the company to redomicile the Hylas 2 assets offshore.
    The newly issued shares represent around 23.7 percent of Avanti’s existing ordinary share capital.
    In June, Avanti signed a 10-year contract with an unnamed triple-play consumer telecom service in the United Kingdom and Ireland to provide the customer with up to 100 megabits of service on Hylas 1. The satellite will deliver a bouquet of scheduled, broadcast TV channels in the style of current free-to-air terrestrial services, in addition to high-speed broadband. With volumes increasing over the initial five years of the contract, Avanti said the deal should generate a minimum of 12.7 million euros ($15.2 million) in revenues.

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