The construction company OHLA has received the support of more than 93% of the holders of its debt bonds to implement the group’s recapitalization plan, with the aim of improving its financial situation, the sustainability of its debt through the progressive reduction of its indebtedness and the reinforcement of its capital structure.
The construction company reported this Monday to the National Securities Market Commission (CNMV) that, with this level of accessions, it has “a sufficient majority” to implement the recapitalization operation that it has launched.
In this sense, OHLA has announced that in the coming weeks it will launch a consent request process to the bondholders for the approval of the necessary modifications to the terms and conditions of the bonds to carry out the recapitalization plan.
“The 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 allows its implementation in a consensual manner in accordance with the terms and conditions of bonuses, avoiding using other drag or coercive tools,” the company has highlighted.
Consequently, OHLA will pay the coupon of last September 15, and which it has delayed on several occasions, on or prior to the previous of the following dates: the effective date of the recapitalization or March 31, 2025, unless that the contract be terminated at any time.
The recapitalization agreement, backed by its main shareholders (the Mexican Amodio brothers), includes the deferral of interest and the implementation of a tiered PIK interest structure, which will start at 4.65% and reach 8.95% in 2027 The cash interest rate on the bonds will remain at 5.10%.
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 operation will be completed through the execution of two capital increases approved on October 22 at an extraordinary general meeting: the first, without preferential subscription rights, with an amount of 70 million euros, while the second, with subscription rights , adds up to 80 million euros.
New shareholders
The new capital injections will come from different investors who have been negotiating with the company all summer, mainly with José Elías Navarro (president of Audax Renovables and with stakes in Ezentis and Atrys Health), who will provide 30 million euros.
Excelsior, the group of businessmen led by Navarro, is also made up of Key Wolf, a company owned by José Eulalio Poza (founder of MásMóvil) that will provide another 10 million euros; The Nimo, parent company of the Inveready Group, with 7 million euros; and Coenersol, a solar park developer that will invest another 3 million euros.
Apart from this group, Inmobiliaria Coapa Larca, a company controlled by the Mexican Luis Andrés Holzer, has also secured its participation of 25 million euros.
All these funds will be subscribed in the first capital increase of 70 million euros, plus another 5 million in the second increase.
The share capital of OHLA would be made up of 1,191 shares, so the Amodios would have 21.6% (compared to the current 26%), Andrés Holzer 8.4%, Elías Navarro 10%, Eulalio Poza 3 .35%, Inveready 2.35% and Coenersol 1%, together adding 46.7%, if the full 150 million euros are subscribed.
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