By Lucian Miers | Thursday 12 February 2015
Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Last week, Avanti Communications (AVN), the cash guzzling satellite operator accompanied its interim statement with news that it had raised $91.5 million in a placing, This was an equity cushion demanded by bondholders before they stumped up more money to fund the Hylas 4 satellite so the coast is now clear for another $115 million debt to be added to the $520 million it already has, giving the company an annual interest bill of $60 million plus. Not bad for a company that has an operating cash outflow.
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