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Elli Finance extends forbearance until Feb. 18 on 8¾%, 12¼% notes
By Sarah Lizee
Olympia, Wash., Jan. 29 – Elli Finance (UK) plc extended the forbearance on its £350 million of 8¾% senior secured notes due 2019 and its £175 million of 12¼% senior notes due 2020.
The standstill and deferral agreement has been further amended to extend the forbearance until Feb. 18, according to a notice.
As previously reported, the issuer said on Aug. 29 that it was in default on its 8¾% notes.
Notes trustee Wilmington Trust NA said the default stemmed from the company’s failure to make an interest payment due on the notes on June 15, 2018.
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.
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