Four Seasons appoints top City adviser
CARE homes operator Four Seasons Health Care has appointed of Gleacher Shacklock as its financial adviser, as it looks to restructure its remaining £790m debt pile.
Gleacher Shacklock will advise the Wilmslow-based group on its £600m Four Seasons Whole Life loan, which is bond traded on the Irish stock exchange, as part of a £700+ refinancing deal completed in September 2009.
The company also said it would advise on the group’s “long term strategic development”.
The deal with creditors allowed the company to cut its debts by 50% to around £780m.
Had agreement not been reached a formal sale process would have begun. However, this remaining debt matures in September 2010, so a sale could yet be on the cards.
Four Seasons has a strong underlying business performance with EBITDA of over £100m.
It is one of the largest independent providers of care services in the UK, employing more than 21,000 staff and operating more than 400 nursing and care homes and specialised care centres.
Gleacher Shacklock recently advised on GKN’s £423m rights issue and the restructuring of Taylor Wimpey. It is also advising Blackburn-based Promethean on its forthcoming IPO.
