OHLA has confirmed with the banks and its main bondholders the group’s restructuring agreement, which is now only pending the majority adhesion of the bondholders and the execution of the capital increases that will bring José Elías into the shareholding. , José Poza, Inveready, Coenersol and Inmobiliaria Coapa Larca. The agreement with the bondholders maintains the coupon that will be paid on the refinanced bonds at 5.10%, but increases the PIK (pay in kind) significantly, until it is set at 8.95% at the end of the term (December 2029). In this way, the financial cost of the debt will rise to 14.05%, compared to the 10.65% that was set until now.
The extraordinary shareholders meeting on October 22 approved two capital increases for 80 and 70 million euros, totaling 150 million. Additionally, the company will obtain 100 million from the banks for releasing the unavailable deposits that the group has as collateral and around 30 million for the sale of the Montreal hospital. All of this adds up to 280 million, of which 140.1 million will be used to cancel part of the bond that matures in March 2025. In this way, the company will limit the amount of the bonds from 454 million to 321 million, including commissions and interest. in cash and PIK accrued since September 15, 2024, which will be capitalized. The agreement contemplates extending the maturity of the bonds from March 2026 to December 2029.
In a statement to the National Securities Market Commission (CNMV), OHLA explains that the interest rate payable in cash on the bonds will remain at 5.10% from the effective date of the recapitalization and will accrue interest PIK of 4.65%. Currently – since June 2024 – the PIK already reached 5.65%, so the cost for the construction company amounted to 10.65%. Now it will initially be 9.65%. Now, the PIK interest will increase to (6.15% from December 31, 2026; and 8.95% annually from December 31, 2027. Therefore, the final cost will be 14, 05%.
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