trending Market Intelligence /marketintelligence/en/news-insights/trending/oTeOvY8zIPEV51DBsEmJbg2 content esgSubNav
In This List

Sims Capital: Full Circle should drop Great Elm deal after Avanti senior debt default

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on LGD

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing


Sims Capital: Full Circle should drop Great Elm deal after Avanti senior debt default

Sims CapitalManagement LLC is reiterating its that shouldabandon its proposedmerger withGreat Elm Capital Corp. and funds managed by MAST Capital Management LLC.

Sims Capital recently sent a letter to Full Circle Capital'sboard about an issue related to Avanti Communications PLC, a major holding ofMAST Capital Management and certain of its investment funds. The investor saidFull Circle should get out of the merger, as Avanti Communications failed tomake a required payment of about $32.3 million of interest on its 10% seniorsecured notes.

Sims Capital said in its letter that the senior debt hasdefaulted and noted that senior debt represents 61% of the total $90 million ofassets that MAST Capital Management wants to contribute to the survivingcompany once the merger closes.

Full Circle should get out of the merger and the company instead,Sims Capital said.

Full Circle shareholders will on the merger Oct. 25.

Sims Capital, along with President David Sims and ChairmanLuke Sims, in the aggregate beneficially own 1,219,024 Full Circle commonshares, representing 5.42% of the company's outstanding shares.