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28 Apr

The never ending cannabis conman: El Capitan’s Andrew Nash

Andrew Daniel Nash, the founder of cannabis cash management company El Capitan Advisors, is an alleged con man who took millions of dollars from his own cannabis company clients to support his lifestyle after his initial business plan to bring banking to the cannabis market failed, according to people who worked with Nash. Today I am reporting a third part of a year long investigation for CRB Monitor News that highlights the years of lies and misconduct in multiple cannabis deals by the Santa … Continue

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18 Mar

VistaJet selling more debt- Equity holders get cash

This story has been updated with Vista's 2024 full year private financials Private jet company VistaJet is attempting to raise $500 million in new money via a six year term loan B, according to an investor presentation, that allows for a $100 million distribution to equity holders. Pricing for the proposed term loan has not been set yet and investor commitments are due by March 27th. The deal was pitched to investors on a call Tuesday, March 18. Sources say assuming a 1-1.5% OID, the cost … Continue

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4 Mar

A Class A Hit Piece – Thames Water

This story has been updated The Thames Water creditor on creditor violence playbook has taken some real nasty tactics this week to include a non-combatant as the Court of Appeal hearing nears. It appears one group of creditors set course on a hit list agenda against a liberal-dem MP, Charlie Maynard, who gathered together a […]

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21 Feb

Ernest Health: Redefining a ‘quality’ MPT hospital operator – $MPW

by Teri Buhl Medical Properties Trust ($MPW) secured over $2 billion in new debt funding last month by putting up what it called ‘quality hospital operators’ leases as collateral and a few concentrated funds who held long positions in the company bought into it at only an 8.5% coupon. The deal out maneuvered and shocked […]

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7 Feb

Victoria PLC’s debt refi is a battle of gamesmanship – $VCP

by Teri Buhl This story has been updated Most creditors for Victoria PLC, a London based flooring company, have been left in the dark for two weeks after Octus (Reorg) reported loose details on a potential uptier in conjunction with an amend and extend offer was made for its €500 million bond due in 2026. […]

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24 Jan

Bankers calling the shots; While MPT still thinks its Investment Grade – $MPW

The relationship between MPT and its long bondholders has been a game of one-up-manship for nearly a year now. Creditor groups have formed, advisors hired and fired (Evercore & Paul Weiss), and money wasted trying to get the company to engage in refi talks but MPT refused to bend. GoldenTree even tried their own one […]

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17 Jan

MPT moves toward new Secured bond offer – $MPW

This story has been updated Medical Properties Trust has hired Goldman Sachs to soft market a $1-2 billion new issue secured bond at 10% interest, according to multiple sources familiar with the deal. Questions remain on what the use of proceeds would be restricted to and it’s unclear on who would be allowed to participate […]

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9 Jan

MPT – Management’s gamble with time to refi could be costly – ($MPW)

Medical Properties Trust is currently negotiating with a bank lender group to draw down more cash to pay off at least one of its upcoming credit instruments and its bankers are making moves now to sweep up billions in MPT’s remaining unrestricted collateral, sources say. According to a person familiar with the negotiations the bankers […]

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