OHLA receives over 93% bond support for its restructuring plan

OHLA has secured massive support for its recapitalization plan from current bondholders. In just two weeks, the company received a lock-up agreement (LUA) contract. more than 93% of the nominal amount of bonds in circulationThe Spanish group reported this to the National Securities Market Commission (CNMV).

“The overwhelming support received from bondholders for the recapitalization transaction demonstrates creditors’ confidence in the company’s business and the viability of the proposed transaction, and also accelerates the timeline for closing the said transaction by allowing it to be completed on a consensus basis,” avoiding the use of other drag-and-drop tools (including through ” schemes of arrangement”) or coercive instruments that could delay the implementation of the process,” the company’s statement emphasizes. With this You do not have to resort to justice in the UK.

Thus, the company reaches a key milestone in its recapitalization process. The process, which for the first time in six years ensures the return of the company’s existing guarantees to the banks (up to 130 million), attracts investment from new investors in the capital of OHLA, which provides more than 100 million euros of the planned 150 million, extends the debt repayment period until December 31, 2029, some the terms of the bonds are made more flexible, a guarantee is provided according to the business plan, and all this is the payment of a lower value of the bonds than the current one at the time of recapitalization.

This recapitalization operation of OHLA has the support of current major shareholders, partner banks, 93% of bondholders, new investors and was approved by shareholders at an extraordinary general meeting on 22 October.