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Activist Ortelius pitches alternative financing for Capital Senior Living -sources

By Svea Herbst-Bayliss NEW YORK (Reuters) -Activist investor Ortelius Advisors, one of the largest owners of Capital Senior Living (NYSE:CSU) Corp, is offering to provide a...
Activist Ortelius pitches alternative financing for Capital Senior Living -sources © Reuters.

By Svea Herbst-Bayliss

NEW YORK (Reuters) -Activist investor Ortelius Advisors, one of the largest owners of Capital Senior Living (NYSE:CSU) Corp, is offering to provide a near-term cash infusion as an alternative to the company's proposed fund-raising plans, which Ortelius says would harm shareholders.

Ortelius founder Peter DeSorcy has told other shareholders his firm would be willing to backstop a new equity rights offering of up to $70 million, according to sources and documents reviewed by Reuters.

Caligan Partners, another activist investment firm, would also be ready to participate in shoring up fresh capital, the sources said.

The offer comes roughly one month after Ortelius said it intended to block plans by the Dallas-headquartered operator of assisted living and related facilities to raise $152.5 million. At the time, DeSorcy signaled a willingness to provide a near-term cash injection.

Ortelius has also lined up a term sheet for a $46 million bridge loan for Capital Senior Living, in case the company prefers supplemental debt financing, the sources said. The terms include a lower borrowing rate than the company's proposed raise, the sources added.

“At this time Capital Senior Living has received no alternative financing proposal from Ortelius or any other party,” a spokesman for the company said.

Ortelius recently increased its ownership of Capital Senior Living to 13%. Shareholders will vote on the financing deal on Oct. 12.

In communications with other shareholders, Ortelius said it wants the company to have options to raise a smaller amount of near-term capital now that its occupancy levels and financial position are improving.

Earlier this summer Capital Senior Living said it planned to raise capital through a private placement of convertible preferred stock to Conversant Capital, and that Conversant had agreed to backstop an associated rights offering and issue additional debt at a 15% interest rate.

Ortelius has said publicly that it opposes the "series of exceedingly costly and highly dilutive transactions that would also effectively hand over control of the company to Conversant."

The senior-living industry has been hit hard by the pandemic both because many nursing homes suffered COVID-19 outbreaks and because occupancy rates dropped last year.

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18-09-2021 01:20:24 (UTC+7)

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    EUR/USD 1.1727 ↑ Sell  
    GBP/USD 1.3737 ↑ Sell  
    USD/JPY 109.95 ↑ Buy  
    AUD/USD 0.7269 ↑ Sell  
    USD/CAD 1.2754 ↑ Buy  
    EUR/JPY 128.93 ↑ Sell  
    EUR/CHF 1.0932 ↑ Buy  
    Gold 1,751.25 ↑ Sell  
    Silver 22.358 ↑ Sell  
    Copper 4.2438 ↑ Buy  
    Crude Oil WTI 71.88 ↑ Buy  
    Brent Oil 75.25 ↑ Buy  
    Natural Gas 5.120 Neutral  
    US Coffee C 186.75 Buy  
    Euro Stoxx 50 4,130.84 ↑ Buy  
    S&P 500 4,432.20 ↑ Sell  
    DAX 15,490.17 ↑ Buy  
    FTSE 100 6,963.64 ↑ Buy  
    Hang Seng 24,920.76 ↑ Buy  
    Small Cap 2000 2,223.00 Sell  
    IBEX 35 8,760.90 ↑ Sell  
    BASF 63.085 ↑ Sell  
    Bayer 45.07 ↑ Sell  
    Allianz 190.23 ↑ Sell  
    Adidas 281.60 ↑ Sell  
    Lufthansa 8.210 Neutral  
    Siemens AG 148.76 ↑ Sell  
    Deutsche Bank AG 11.080 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(0/ 0) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 810
SJC Hanoi5,600/ 5,667
(0/ 0) # 812
SJC Danang5,600/ 5,667
(0/ 0) # 812
SJC Nhatrang5,600/ 5,667
(0/ 0) # 812
SJC Cantho5,600/ 5,667
(0/ 0) # 812
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