OHLA has garnered massive support from its current bondholders for its recapitalization plan. In just two weeks, the company has obtained accessions to the ‘lock-up agreement (LUA)’ contract of more than 93% of the principal amount of bonds outstandingas communicated by the Spanish group to the National Securities Market Commission (CNMV).
“The overwhelming support received from the bondholders for the recapitalization operation demonstrates the confidence of the creditors in the company’s business and the viability of the proposed operation, and accelerates the times for the closing of said operation since it allows its implementation in a consensual manner, avoiding using other drag tools (including through a ‘scheme of arrangement’) or coercive tools, which would delay the implementation of the process,” the company highlights in a note. With it You will not have to resort to justice in the United Kingdom.
Thus, the company reaches a key milestone within the recapitalization process. A process that achieves for the first time in six years the return to the company of existing guarantees in favor of the banks (up to 130 million), attracts the investment of new investors in the capital of OHLA who secure more than 100 million euros of the 150 million planned, extends the maturity of the debt until December 31, 2029, certain terms and conditions of the bonds are made more flexible, support in guarantees for the business plan is achieved and, all of this, paying a lower bond cost than the current one at the time of recapitalization.
This recapitalization operation of OHLA has the support of current reference shareholders, relationship banks, 93% of bondholders, new investors, and was approved on October 22 by its shareholders at an Extraordinary General Meeting.
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