The construction company OHLA is in the middle of the negotiation process with investors and family Amodiusits main shareholder, with the aim of reaching binding commitments that guarantee its investment in its capital, as the company reported this Tuesday to National Securities Market Commission (CNMV).
The company recalled that the execution of the investment commitments of the investors, and consequently of Amodio, is conditional on OHLA reaching a binding commitment with the company’s reference banks and with the holders of the securities. OHLA Bonus to reach, among other agreements, the release of the cash pledge (cash guarantee), the extension of the guarantee lines, the extension of the second term of the bonds maturing in 2026 and the cost of debt.
In this context, OHLA has extended until next Thursday, September 19, the deadline for holders of its debt obligations to agree to approve a postponement of the payment date of the next coupon, in order to have more time to negotiate the entry of new funds into its capital structure.
OHLA and bonus
“Ontario League Operations requested the consent of the bondholders to approve the temporary waiver of certain rights included in the terms and conditions that allow for the delay of the payment of the next coupon during the negotiations that the company is conducting with its interest groups to define the terms of a potential transaction aimed at achieving a sustainable capital structure,” the company said.
In August, OHLA reached an agreement of intent with Excelsior, the group of businessmen led by José Elías Navarro, president of Audax Renewables and with participations in Ezentis And Atrys Health-, to increase the initially proposed increase from 100 to 150 million to meet the refinancing of its obligations.
Around 25 million would come from Inmobiliaria Coapa Larca, owned by the Mexican businessman. Andrés Holzerand an additional 26 million from the Amodio family, OHLA’s main shareholder.
In any case, the financial support of Holzer and Elías was conditional on the construction company reaching a satisfactory agreement with the company’s reference banks and with the holders of the bonds issued by the group.
Similarly, OHLA has already launched a divestment plan with the sale of non-strategic assets such as the CHUM hospital in Canadaon which it concluded a sale agreement with John Laing Health Montreal in early June to sell its 25% for nearly 55 million, an amount that will be used to reduce the bond debt when it receives it in the last quarter of the year.
For its part, the company continues to work on the sale of Ingesan (its service area), and its 50% of the luxury center Canalejas of Madridin order to maximize its value.
Their debt obligations 50% will mature in March 2025, and the remaining 50% in March 2026, for a total amount of 412 million euros, the first refinancing will therefore concern approximately 206 million euros.
