OHLA is soaring in the stock market as it finalizes its agreement with banks, bondholders and investors.
Madrid, October 14 (EFECOM) – OHLA shares led the gains on the Spanish stock market this Monday, where they soared by more than 6% thanks to an agreement between creditor banks, their bondholders and investors that will introduce the next capital increase before 150 million euros, which will be closed soon.
As informed sources confirmed to EFE, some problems still exist, but it is expected that everything could be closed from Monday to Wednesday.
They had already signaled last Thursday that they were very close to reaching an agreement with the banks, although other parties involved noted that positions were still being “reshuffled” and that while progress had been made on some points, there were certain financial terms that were still inaccessible.
Notably, on Thursday, OHLA again secured agreement from its bondholders to defer coupon payments, now until October 18, and extend the maturity of bridge financing received in May 2023 in connection with the sale of its services subsidiary (Ingesan) no later than October 31 March 2025.
“The next 48 hours will be critical and decisive,” sources close to the contacts said at the time.
As El Confidencial reported this Monday after the agreement between creditors and investors last Friday, the owner of Audax Renovables José Elias, who together with other investors will be present at the capital increase, and the Mexican Amodio brothers (major shareholders of OHLA with 26% shares) in this Sunday they made progress in those aspects that had not yet been resolved.
Pending the announcement of this agreement by the National Securities Market Commission (CNMV), through which the OHLA guarantees its viability, the company’s shares are leading gains on the Spanish stock market. After 10:30 am the shares, which had risen more than 6% in the continuous market, pared their gains to 4.97% at €0.3.
However, OHLA shares remain one of the worst-hit shares in the entire Spanish stock market this year, losing 32% of their value.
The company is finalizing a tripartite agreement and is just one week away from holding its next EGM, which will include a capital increase and the appointment of Mexican Tomas Ruiz as chief executive.
Ruiz’s appointment is interpreted as a preliminary step towards his eventual appointment as CEO of the company, which has been vacant since Jose Antonio Fernandez Gallar left the company last June for personal reasons after five years with the company. . position.
As part of the capital increase, OHLA received binding commitments from Excelsior Times, a consortium that includes Audax Renovables President José Elias, as well as other subscribers, of at least 50 million; as well as the main shareholders – the Amodio brothers – (26 million) and Mexican businessman Andres Holzer (25 million) for increasing its capital.
These obligations are contingent on the company entering into an agreement with the bank and bondholders that authorizes the issuance and renewal of guarantees, the second bond payment in 2026 and the cost of debt.
Among the issues that were focused on in the negotiations, the extension of nearly 320 million in guarantees, the payment of the coupon that will eventually be passed on to bondholders and the extension of the term, as well as the provision of guarantees by the bank, stood out.
OHLA continues to work on the sale of its services business as well as its 50% stake in the Canalejas complex in Madrid. EFECOM