The company expert in construction and management of concessions, OHLAhas just obtained the agreement of the holders of its senior secured bond issue to defer the payment of the next interest coupon on the debt to the next October 18.
We would be talking about the third time the construction company has obtained this approval, since this payment must have occurred the last time. September 15but agreed with the bondholders on a first postponement until October 4 and a second until the 11th of the same month.
However, as OHLA informed the National Securities Market Commission (CNMV), this agreement involves postponing payment again until next Friday, while continuing to negotiate a capital injection with several investors and its creditor bank.
Consent also means you will be able to extend the expiry date of the bridging finance. 40 million euros obtained in May 2023 as part of the sale of its services subsidiary (Ingesan) and with the approval of the ICO, until a date at the latest March 31, 2025compared to the previous commitment to pay it before the end of 2024.
Two capital increases from OHLA
OHLA plans to launch two consecutive capital increases for a total amount of up to 150 million eurosan operation for the approval of which a general meeting has already been convened on October 21.
As part of this transaction, the company also entered into an agreement of intent with Excelsiorthe group of businessmen led by José Elías Navarro -president of Audax Renovables and holding stakes in Ezentis and Atrys Health-, who would participate in the capital increase with an investment of up to 50 million euros.
The operation also benefits from the support of Mexican businessman Andrés Holzer, who will inject up to 25 million euros through his real estate company. Coapa Larcaas well as the company’s main shareholders, the Amodio family, who will subscribe an additional 26 million euros.
All these agreements are 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 OHLA group, an increasingly narrow waiver after the possible support of the public insurer Cesce.
Their debt obligations will expire in March 2025 he 50%and in March 2026 the remaining 50%, for a total amount of 412 million euros, the first refinancing will therefore affect approximately 206 million euros, while the company is also negotiating the extension of the due date for the second payment.
