OHLA receives new permission from bondholders to defer coupon payments | Companies

OHLA has received agreement from the holders of the senior guaranteed note issue to defer the next coupon payment on the debt until October 31.

This is the fourth time the construction company has received such approval, as this payment was due on September 15, but it agreed with bondholders the first extension until October 4, the second until October 11 and the third until October 18. the same month.

Now, the National Securities Market Commission (CNMV) said the agreement means the payment will be postponed again until October 31 next year, which could be the last delay after the agreement reached this week.

In particular, OHLA agreed with the financial institutions participating in the group’s syndicated bank guarantee facility on new guarantees for its activities, as well as on the principle of the agreement with the Special Group of Noteholders, who represent 33% of the notes. released by the company.

This principle of agreement is subject to the signing of a capital restructuring agreement (“lock-up agreement”) reflecting the agreements reached, which the parties are already working on, and which will soon be presented to the remaining bondholders for adherence.

expansion by 150 million

Both agreements are conditional on the completion of a capital increase of €150 million, which will be submitted for shareholder approval at an extraordinary general meeting convened next Tuesday, October 22.

Excelsior, a group of businessmen led by José Elias Navarro, president of Audax Renovables and holding shares in Ezentis and Atrys Health, will participate in the increase with an investment of up to 50 million euros.

The operation is also supported by Mexican businessman Andres Holzer, who will invest up to 25 million euros through his company Inmobiliaria Coapa Larca, as well as the company’s main shareholders, the Amodio family, who will contribute another 26 million euros.

The agreement also means that the company will be able to extend the maturity of the EUR 40 million bridge financing received in May 2023 in connection with the sale of its subsidiary (Ingesan) and with the approval of the ICO, to a date no later than 31 March 2025 from the previous obligation to pay it by the end of 2024.

Its notes mature in March 2025 for 50% and in March 2026 for the remaining 50%, totaling €412 million, so the first refinancing will impact approximately €206 million.