Opera Finance BV Class A noteholders have voted to accept a credit bid from Utrecht Holdings Sarl, an entity established by private equity funds separately managed by TPG Capital LP and Patron Capital GP LP IV.
The decision ends a 10-month Special Servicer led process which sought to protect the value of noteholders’ investments, after the company’s efforts to find additional equity were discontinued in June 2011. Throughout the process Cairn and Special Servicer, Eurohypo AG, have worked to provide noteholders with the flexibility and opportunity to choose a preferred option.
The acceptance of the credit-led option will allow TPG Capital LP and Patron Capital GP LP IV to acquire the securitised Senior Loan facility provided to the Netherlands-based real estate fund Uni-Invest.
Earlier in the day, Class A noteholders rejected a consensual restructuring option which had asked noteholders to agree an extension of the CMBS facility and the appointment of an alternative asset manager to implement an accelerated disposal plan for the properties.
