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Prospect News home > News index > List of issuers T > Headlines for Theatre (Hospitals) No. 2 plc > News item
Published on 4/10/2015 in the Prospect News Liability Management Daily.

Theatre (Hospitals) seeks OK to restructure mortgage-backed floaters

By Susanna Moon

Chicago, April 10 – Theatre (Hospitals) No. 1 plc and Theatre (Hospitals) No. 2 plc began consent solicitation for a number of series of notes.

Theatre (Hospitals) No. 1 plc is seeking to amend its

• £231 million class A commercial mortgage-backed floating-rate notes due October 2031;

• £57 million class B commercial mortgage-backed floaters due October 2031;

• £54 million class C commercial mortgage-backed floaters due October 2031; and

• £54 million class D commercial mortgage-backed floaters due October 2031.

Theatre (Hospitals) No. 2 plc is seeking consents for its

• £154 million class A commercial mortgage-backed floaters due October 2031;

• £38 million class B commercial mortgage-backed floaters due October 2031;

• £36 million class C commercial mortgage-backed floaters due October 2031; and

• £36 million class D commercial mortgage-backed floaters due October 2031.

The companies are seeking consents to amend the notes in connection with a proposed restructuring, according to two separate company notices.

The notes restructuring is being proposed by the issuer at the request of the master servicer, Capita Asset Services (London) Ltd., the company said.

Bondholder meetings will be held in London on May 5.

The solicitations will run until noon ET on April 30.

The consent fee will be 0.4% for holders who vote for the measure by the early voting deadline of noon ET on April 22, and the consent fee will be 0.2% for those who vote for it after the early deadline.

The consent fee will be paid in one installment at settlement, expected to be May 15, if the note restructuring conditions are satisfied, the company noted.

The tabulation agent is Lucid Issuer Services Ltd. (Victor Parzyjagla/Thomas Choquet, +44 20 7704 0880, theatre@lucid-is.com).


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