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." 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.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. Using a consultative process, the advisor gleans information. Shareholders will vote on the financing deal on Oct. Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients.
Ortelius recently increased its ownership of Capital Senior Living to 13%. “At this time Capital Senior Living has received no alternative financing proposal from Ortelius or any other party,” a spokesman for the company said. 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.
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