Case study: Four Seasons
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Case study: Four Seasons

CMBS: We can’t work it out
CMBS: The value of loan-to-value
Case study: Plantation Place

The £598.3 million ($881.2 million) Titan Europe 2006-4 FS deal is secured by 305 health care and nursing homes across the UK. The whole loan outstanding balance is £1.2 billion. The deal breached debt covenants in September 2008 and agreed a standstill agreement with all lenders apart from those to the £165 million junior PIK facility. The most recent valuation saw the value of the assets drop from £1.4 million when the deal was closed to £929 million. This gives the deal an LTV ratio of 146% (64% for the securitized loan). The deal has also breached its interest coverage ratio covenant (1.08x) with an ICR of 0.96x. Four Seasons has over 35 lenders in 11 tiers of debt.

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