Private jet company VistaJet is attempting to raise $500 million in new money via a six year term loan B, according to an investor presentation, that allows for a $100 million distribution to equity holders. Pricing for the proposed term loan has not been set yet and investor commitments are due by March 27th. The deal was pitched to investors on a call Tuesday, March 18. Sources say assuming a 1-1.5% OID, the cost to Vista (based on current price talk) would be ~8-8.5% on a floating basis. … Continue
4 Mar
A Class A Hit Piece – Thames Water
This story has been updated The Thames Water creditor on creditor violence playbook has taken some real nasty tactics this week to include a non-combatant as the Court of Appeal hearing nears. It appears one group of creditors set course on a hit list agenda against a liberal-dem MP, Charlie Maynard, who gathered together a few good pro bono advisors and lawyers to make sure the UK High Court heard from the “public interest” including the 16 million customers before making a decision to allow … Continue
21 Feb
Ernest Health: Redefining a ‘quality’ MPT hospital operator – $MPW
by Teri Buhl Medical Properties Trust ($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 […]
Continue7 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. […]
Continue24 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 […]
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