OHLA has reached an agreement with the holders of its bonus to postpone the payment of the cash coupon on September 15 until October 4, as communicated to the CNMV. You thus gain a little less than three weeks to try to close the refinancing of its bulge debt with the bondholders and with the banks creditors, on whom depends the refinancing of the increase of 100 to 150 million necessary to save the company from the bankruptcy.
This is a preliminary step to be able to close the advanced negotiations with the OHLA bondholders in the coming weeks. The company, together with the brothers Luis and Mauricio Amodio as a major shareholder, he has an agreement with Excelsior Times (a consortium that the businessman is currently setting up Jose Elias) and Inmobiliaria Coapa Larca (of the Mexican businessman Andrés Holzer).
As reported this Friday by OKDIARIO, Elías is having serious difficulties financing his entry into OHLA, since the banks are only granting him 40% of the value of his shares in the construction company and in Audaxdue to the risk of the operation and the businessman’s high debt. It is therefore looking for new partners to reduce its expansion bill.
The company thus concludes a week of progress in its capital increase process with the approval of the agreement with its bondholders for the postponement of the coupon payment. However, OHLA has not yet concluded a refinancing of said bonds which extend their maturity, because they do not have the capacity to repay their capital.
“In accordance with the measures planned to maintain financial flexibility, OHLA continues to support the implementation of its consolidation and growth plan,” the company explained.
On the other hand, OHLA will celebrate on October 21 a extraordinary general meeting of shareholders in which it will submit to its shareholders for approval the capital increase of a maximum amount of 150 million euros agreed on September 17.
This operation aims to strengthen the company from a financial and operational point of view and to accelerate its growth in the main markets where it operates, namely Europe, the United States and Latin America.
The agenda provides for the approval of a first capital increase with removal of preferential subscription rights in the amount of 70 million euros, by issuing and putting into circulation 280 million new ordinary shares for an effective amount of 0.25 euros per share and a second subsequent increase in share capital with rights of 80 million euros, by issuing and putting into circulation 320 million new ordinary shares for the same amount per share of 0.25 euros.
Similarly, the appointment of Tomas Ruiz as executive director of the company and increasing the size of the board of directors, which will now have 10 members.
