OHLA sees closer and closer to achieving a vital restructuring to guarantee its future. The company informed the National Securities Market Commission (CNMV) this Wednesday that more than 50% of its bondholders They have already supported their recapitalization plan by adhering to the lock-up contract.
Nevertheless, This percentage would already exceed 90% informally and it will be finalized in the coming days, according to what market sources familiar with the process inform this newspaper.
In this way, the construction company will comfortably obtain the majorities it needs to carry out the refinancing of the bonds and, consequently, its recapitalization plan.
OHLA reported that the calculation agent has received accessions to the lock-up contract from bondholders representing at least 50% of the principal amount of the bonds in circulation before November 15, 2024. Consequently, the construction company will pay the coupon of the bonds payable on September 15, 2024 in or prior to the effective date of the recapitalization or March 31, 2025unless the lock-up contract is terminated at any time.
OHLA requires that 75% of the balance of the bonds adhere to said contract and, with this, the refinancing goes ahead, by which the maturity of the bond will be extended until December 2029 (now a part expired in March 2025 and another in March 2026) and the interests are modified.
The market sources consulted confirm that OHLA would have obtained informal adhesions for an amount greater than 90% of the balance of the bonds. Thus, it would have received the meaning of the favorable vote, but confirmation by the European chambers is still missing. This is expected to occur in the coming days.
No drag in the United Kingdom
If confirmed, it would mean that OHLA has achieved in just one week that more than 90% of bondholders support the proposal approved by the shareholders meeting on October 22 to increase capital by up to 150 million euros and the agreements between the company, banks and bondholders for restructuring.
With this massive support, the company chaired by Luis Amodio will avoid having to carry out the extensive legal carryover procedure in the United Kingdom (starting at 70%), potentially shortening the closing of the operation.
With the restructuring, OHLA will amortize 140 million of the outstanding balance of the bonds and will place it at 321.1 million. The coupon will be 5.1% and the PIK (pay in kind) interest will grow progressively until reaching a total cost in December 2029 of 14.05%.
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