Ortelius Investors on Monday announced a counteroffer to Capital Senior Living’s plan to raise up to $153 million through a private placement of convertible stock to affiliates of Conversant Capital, Senior Housing News reports.
Ortelius, which has threatened to block the recapitalization since it was first announced in late July, also lined up a bridge loan for the Dallas-based operator at interest rates it believes are more favorable than those proposed by Conversant.
Ortelius’ counteroffer comes two weeks after Capital filed a definitive proxy statement with the Securities and Exchange Commission, setting an Oct. 12 vote on the preferred stock offering. Read more.
