OHLA agrees with banks and bondholders to refinance their debt

OHLA saves his “match ball” and reaches the principle of an agreement to refinance your debt with various financial institutions and bondholders. The construction group thus achieves the necessary targets for a capital increase of 150 million euros, which will be approved by the shareholders meeting on October 22.

As reported at a corresponding event at the National Securities Market Commission (CNMV), the construction group has reached “principle of consent”

with various banks with syndicated and bilateral guarantee lines to develop their business and with another 33% of bondholders. Both agreements are conditional on the successful completion of the above-mentioned capital increase.

Not yet completed, firstly, final approval of organizations’ risk committees and secondly, signature blocking contract (ban on sale) with one third of bondholders “which the parties are already working on.” Once the latter is initialed, OHLA will begin the process of obtaining the consent of the remaining bondholders.

Green light for capital increase

Once this agreement has been reached with creditors, OHLA will be able to proceed with its capital increase, which will represent an injection of €150 million into the company. approved by the shareholders meeting on October 22

and will be carried out in two tranches: the first with the exclusion of the right of first refusal at a price of 0.25 euros per share (currently quoted at 0.30 euros) and the second in which current participants will have priority.

Amodio brothersThe main shareholders of the company, owning 26% of the capital, who will contribute 26 million euros, are a Mexican businessman Andres Holzerwith 25 million, and consortium of businessmen led by Jose Eliasowner of Audax or La Sirena, who will invest 50 million through José María Echarri, founder of Inveready, or José Eulalio Poz, founder of Más Móvil. The latter two demanded an agreement with creditors to participate in the recapitalization of the construction company.