Oasis Global Partners completed a transaction to replace the existing $43 million vendor financing with a $44 million triple-A rated loan from Bridge Investment Group. Throughout the transaction, with their extensive experience in the credit markets, FTI Consulting Inc was engaged for their invaluable sourcing and guidance.
The months of July through September were consumed with lender due diligence and negotiations. Compared to the original lending terms requested, Oasis was able to work with Bridge Group to modify and adjust a multitude of legal requirements to more closely reflect the unique profile of the asset and reduce risk to Oasis investors.
Among the key information items validated by the lender were:
- Independent property appraisal
- Environment studies of the site
- Checking property title
- Checking the existing and potential zoning
- Rental income and tenant profiles
- Legal document review and modification
- Management and Shareholders will be required to provide identification and personal financial information.
On September 17th, the replacement loan of $44M USD was closed between LVSM Inc and Bridge Investment Group, who in turn wrapped up the loan into the (triple) AAA tranche of a CLO traded on wallstreet. (CLO: Collateralized loan obligation)