by Teri Buhl Medical Properties Trust ($MPW) secured over $2 billion in new debt funding last month by putting up what it called ‘quality hospital operators’ leases as collateral and a few concentrated funds who held long positions in the company bought into it at only an 8.5% coupon. The deal out maneuvered and shocked credit funds short MPT’s near term maturities for the first half of 2026 when MPT announced it would use the new money to pay off two of the 2026 bonds. But according to … Continue
7 Feb
Victoria PLC’s debt refi is a battle of gamesmanship – $VCP
by Teri Buhl This story has been updated Most creditors for Victoria PLC, a London based flooring company, have been left in the dark for two weeks after Octus (Reorg) reported loose details on a potential uptier in conjunction with an amend and extend offer was made for its €500 million bond due in 2026. Sources say most Victoria creditors, which includes a ton of CLO funds, haven’t seen any A&E offers, the company hasn’t approached them with a deal, and that it was US hedge fund … Continue
24 Jan
Bankers calling the shots; While MPT still thinks its Investment Grade – $MPW
The relationship between MPT and its long bondholders has been a game of one-up-manship for nearly a year now. Creditor groups have formed, advisors hired and fired (Evercore & Paul Weiss), and money wasted trying to get the company to engage in refi talks but MPT refused to bend. GoldenTree even tried their own one […]
Continue17 Jan
MPT moves toward new Secured bond offer – $MPW
This story has been updated Medical Properties Trust has hired Goldman Sachs to soft market a $1-2 billion new issue secured bond at 10% interest, according to multiple sources familiar with the deal. Questions remain on what the use of proceeds would be restricted to and it’s unclear on who would be allowed to participate […]
Continue9 Jan
MPT – Management’s gamble with time to refi could be costly – ($MPW)
Medical Properties Trust is currently negotiating with a bank lender group to draw down more cash to pay off at least one of its upcoming credit instruments and its bankers are making moves now to sweep up billions in MPT’s remaining unrestricted collateral, sources say. According to a person familiar with the negotiations the bankers […]
Continue18 Dec
Something’s Rotten in the state of Sweden’s SBB
by Teri Buhl Sweden’s largest publicly traded real estate company’s stock traded up today (22%) with a view that it has beaten a group of sophisticated dissenting hedge fund creditors at their own game—at least in the short term. Samhällsbyggnadsbolaget i Norden AB (known as SBB) orchestrated its own debt exchange without engaging with any […]
Continue27 Nov
SBB creditors invited to join Fir Tree bond acceleration campaign
by Teri Buhl This story has been updated. SBB creditors recently participated in a call hosted by attorneys from Cleary Gottlieb in an effort to inform and update other bondholders’ about the work they have done to hold SBB’s management accountable. These London based lawyers are currently polling other creditors interest in joining Fir Tree […]
Continue8 Jan
U.S. Government charges Andy Defrancesco with Securities Fraud
This story has been updated Canadian small cap financier Andy Defrancesco has been accused by the U.S. stock market regulator of securities fraud for his role in leading a pump and dump scheme of Cool Holdings ($AWSM). The SEC filed its complaint in the Southern District of New York on Friday, January 6 and also […]
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