Elli may restructure £350 million 8¾% notes, £175 million 12¼% notes

By Susanna Moon

Chicago, Feb. 28 – Elli Investments Ltd. and Elli Finance (UK) plc issued a capital structure update to holders of their £350 million of 8¾% senior secured notes due 2019 and £175 million of 12¼% senior notes due 2020.

Terra Firma and FSHC Group Holdings Ltd. and other stakeholders including H/2 Capital Partners and HCP Inc. have been “actively engaged in discussions and efforts to bring about a consensual solution to the capital structure of the note issuers and their subsidiaries” over the past six months, according to a company announcement.

H/2’s affiliates own a majority of the group's 8¾% notes and HCP owns £138.5 million of the group's 12¼% notes as well as £28 million of the £40 million term loan credit facility originally dated April 29, 2012.

No agreement has been reached to date, the release noted.

Elli provides elderly care services and is based St Martin’s, Channel Islands.

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