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Elli will use sale proceeds for partial repayments on defaulted debt
Chicago, Oct. 31 – Elli Finance (UK) plc and Elli Investments Ltd., both in administration, announced that a partial payment to noteholders of the £350 million 8¾% senior secured notes due 2019 issued by Elli Finance will be released on Tuesday, according to a notice.
The £3,099,902.46 payment will be allocated on a pro rata basis, across principal and interest (including default interest).
The funds are coming from the sale of nine operating sites in the group’s core portfolio.
The group also repaid £23.1 million on its super senior term loan facility, using the recent sale and the sale of three operating sites and two closed sites sold in September.
Alvarez & Marsal Europe LLP is working as the joint administrator.
Elli Finance (UK), based in Wilmslow, England, operates as a special-purpose entity. It was set up to issue senior secured notes for Elli Group (UK) Ltd.
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