The 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.” 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. Shareholders will vote on the financing deal on October 12. 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 Capital Partners controls 193.1 million in assets. 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. Ortelius Capital Partners is a financial advisor company headquartered in New York, New York. At the time DeSorcy signaled a willingness to provide a near-term cash injection. 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. Fundamental company data provided by Morningstar, updated daily.NEW YORK (Reuters) – Activist investor Ortelius Advisors, one of the largest owners of Capital Senior Living Corp, is offering to provide a near-term cash infusion as an alternative to the company’s proposed fund raising plans which it argues would harm shareholders. Stock quotes provided by InterActive Data. The gurus listed in this website are not affiliated with, LLC. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. Prince Pavlos, the asset manager is based in New York City. Founded in 2015 by Peter DeSorcy and H.R.H. 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Ortelius is a research-intensive, fundamental-based, activist-oriented alternative investment management firm focused on event-driven opportunities. Ortelius is an international companywith offices in Malm, Stockholm and Boston. The firm’s principals have over twenty years of experience managing various alternative investment vehicles and building proprietary businesses within the financial services industry. is not operated by a broker or a dealer. Ortelius, an alternative investment group specializing in hedge funds and private equity, was founded in 2002 by Peter DeSorcy and H.R.H.
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