5/31/2023 0 Comments Ortelius capitalThe senior-living industry has been hard hit by the pandemic both because many nursing homes suffered COVID-19 outbreaks and because occupancy rates dropped last year. 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." NEW YORK, Sept 13 (Reuters) - Activist investor Ortelius Advisors, one of the largest owners of Capital Senior Living Corp (CSU.N), is offering to provide a near-term cash infusion as an. In communications with other shareholders, Ortelius said that 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.Ĭapital Senior did not immediately respond to a request for comment.Įarlier 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. Top Shareholders Top 25 shareholders own 102. Shareholders will vote on the financing deal on October 12. Dilution of Shares: Shareholders have not been meaningfully diluted in the past year. Ortelius recently increased its ownership of Capital Senior Living to 13%. The terms include a lower borrowing rate than the company's proposed raise, the sources added. 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. les sept deputs de la ville dUdine Capital de la ditte Province par les Sieurs Majeroni et Capellaris. They operate 5 private funds and have approximately 204.4 million in total assets. ![]() senior living operators is not just starting a new chapter but a whole new book with. Ortelius Capital Partners is a hedge fund company based in New York, NY. At the time DeSorcy signaled a willingness to provide a near-term cash injection. After raising 154.8 million in transactions with Conversant Capital, one of the few publicly traded U.S. 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. Ortelius founder Peter DeSorcy has told other shareholders that 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.Ĭaligan Partners, another activist investment firm, would also be ready to participate in shoring up fresh capital, the sources said.
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