Hatfield Philips, Europe's largest independent primary and special servicer, announced on Wednesday that the £1.2 bn (EUR 1.3 bn) Four Seasons Healthcare care homes (Four Seasons Loan) had been successfully restructured. In total, over 30 parties had to agree to the restructuring which took 15 months of hard negotiation and follows the failure of the initial negotiations between Four Seasons and its creditors.
Hatfield Philips, Europe's largest independent primary and special servicer, announced on Wednesday that the £1.2 bn (EUR 1.3 bn) Four Seasons Healthcare care homes (Four Seasons Loan) had been successfully restructured. In total, over 30 parties had to agree to the restructuring which took 15 months of hard negotiation and follows the failure of the initial negotiations between Four Seasons and its creditors.
The restructuring is one of the largest loan restructurings in the UK and across Europe and includes a CMBS facility in the form of Titan Europe 2006-4 FS, a £600 mln securitisation, six tranches of unsecuritised debt of about £600 mln held by 11 lenders and 20 separate mezzanine parties representing about £235 mln.
The principal terms of the restructuring are a reduction in the outstanding principal term debt under the Senior Credit Agreement to about £723.7mln, an extension of the repayment date to 3 September 2010; and a debt for equity swap for the remaining Senior Lenders and the Junior Lenders, resulting in a reduction of the Group's secured principal debt to approximately £693 mln.
