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Theatre (Hospitals) gets OK to restructure mortgage-backed floaters
By Susanna Moon
Chicago, April 23 – Theatre (Hospitals) No. 1 plc and Theatre (Hospitals) No. 2 plc said they obtained the needed consents to amend a number of series of notes.
The early voting deadline was noon ET on April 22, and enough consent instructions have been received to pass each extraordinary resolution at the meetings to be held May 5, according to two separate notices.
The consent solicitations will end at noon ET on April 30. The solicitations began April 10.
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.
As previously announced, the companies are seeking consents to amend the notes in connection with a proposed restructuring.
The notes restructuring is being proposed by the issuer at the request of the master servicer, Capita Asset Services (London) Ltd., the company previously said.
The consent fee is 0.4% for holders who voted for the measure by the early voting deadline, 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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