The construction company OHLA announced this Monday that it has signed an agreement with bondholders and financial entities to support the recapitalization of the group. The objective of this recapitalization is to improve OHLA’s financial situation, the sustainability of its debt through the progressive reduction of its debt and the reinforcement of its capital structure.
He recapitalization agreementbacked by the main shareholders of OHLA, the Mexican Amodio brothers, has been formalized in a contract of basic commitments or lock-up which modifies the terms and conditions of existing bonds, including the deferral of interest and the implementation of a tiered interest structure.
Likewise, the partial amortization of the senior guaranteed bonds with an extended maturity date until December 31, 2029, and the modification of the terms and conditions of the FSM guarantee line are agreed, the company reported in a statement.
In this sense, and given that the agreement has been signed with a group of bondholders that represent 33% of the bonds issued by the company, OHLA requests the adhesion of at least 75% of the remaining bondholders, the minimum legally required for the agreement is applicable through the carry-over procedure.
The operation will be completed by executing two capital increases approved on October 22 at an extraordinary general meeting: the first, without pre-emptive subscription rights, with an amount of 70 million euros, while the second, with subscription rights, amounts to up to 80 million euros. These funds will secure operations and strengthen the capital structure, allowing the company to fulfill its business plan.
New advisors
At the same time, OHLA has reported on the conditions to which investors subject their commitment to invest in the aforementioned expansions, which are reduced to obtaining 75% bondholder adhesion to the LUA and the company adopting the corporate governance agreements that are necessary to respect the principle of proportionality between shareholding and representation on the Board of Directors, and whose execution is subject to the implementation of the first part of the capital increase.
These corporate governance agreements consist of the appointment of two proprietary directors who represent the Consorcio Excelsior group of investors and new independent directors who, in addition to meeting the necessary conditions of independence, meet the suitability requirements for the new stage.
According to OHLA, the current independent directors, who are fully in tune with the current refinancing and capital increase process that the company is undergoing, have informed the Chairman of the Board of their decision to make their positions as independent directors available, with effects from the date on which the company executes the capital increase without rights approved at the Extraordinary General Meeting, and in order to facilitate the implementation of the aforementioned recapitalization operation.
Improve your forecasts
After closing its recapitalization, OHLA expects to obtain a gross operating result (Ebitda) of 225 million euros in 2026, including both its construction and services businesses, which represents an increase of 52% compared to the 148 million it expects to achieve. in 2024.
In your forecasts It also highlights a 14% growth in sales, which will reach 4,605 million euros in 2024, compared to the 4,030 million expected for this year. Likewise, the order book will close the year 2026 with a volume of 9,005 euros, 5.4% higher, at the same time that the new contracting will be 4,863 euros in that year, 17% higher than in 2024.
The recapitalization plan also includes a debt reduction of 180.1 million euros, following the capital increases that will be carried out in the coming days for a maximum amount of 150 million euros. The reduction will be made directly in the debt bonds (140.1 million) and in the ICO loan (40 million euros). In this way, the company will close this fiscal year 2024 with a gross debt of 372.9 million euros: 321.1 million in bonds and 51.8 million in bank loans.
In the same presentation, OHLA also reports on the evolution of the divestment process of its services business (Ingesan), which it expects to close between the first and third quarters of 2025, after having hired Banco Santander and CaixaBank to advise on the operation. .
Regarding the sale of Madrid Canalejas Centerwhich houses the five-star Four Seasons hotel and a luxury shopping gallery, has already commissioned Banco Santander and Rothschild to search for those interested in buying it.
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