| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2024 > News item |
Elli Finance seeks consents for waivers under 8¾% notes due 2019
By Marisa Wong
Los Angeles, Jan. 17 – Elli Finance (UK) plc launched a consent solicitation for its £350 million of 8¾% senior secured notes due 2019 (ISIN: XS0794786011, XS0794785633), according to a notice.
The issuer is seeking consents from holders for
• The instruction of GLAS Trust Corp. Ltd. as security agent to the release of security in connection with the sale of the Alexandra, Bamford Grange, Grove House, Park House (Wirral), Lawn Park, The Sycamore & Poplars, Park House (Wellingborough), Brandon Lodge and Croxteth Care Homes and the associated interests in land; and
• The technical waiver, under the intercreditor agreement, of the following requirements in respect of the proposed implementation of the FSHCPL distressed disposal (as defined in the consent solicitation statement dated Nov. 8): that a financial advisor is appointed to provide a financial advisor’s opinion in respect of the FSHCPL distressed disposal and that the nominal consideration in respect of the disposal is paid to the security agent.
The security release request and the waivers request require consents from holders of more than 50% of the outstanding principal amount of the notes.
Holders of record as of Jan. 9 are eligible to participate in the consent solicitation.
The consent solicitation will expire at 11 a.m. ET on Jan. 24.
Consents may be revoked at any time prior to the expiration time.
The issuer said it is not offering any consent fee.
Copies of the statement are available at https://www.fshc.co.uk/investors-information/ and also from the information and tabulation agent, GLAS Specialist Services Ltd. (LM@glas.agency).
Questions may also be directed to Alvarez & Marsal Europe LLP (INS_ELLI@alvarezandmarsal.com; attn.: Alex Jarvis; 07770 162735).
Elli Finance (UK), based in Wilmslow, England, operates as a special-purpose entity. It was set up to issue senior secured notes for Elli Group (UK) Ltd. The company is in administration.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.