We are not surprised that the courts in Qatar wants nothing to do with litigation around the Sidra hospital contracts, and have decided annul
The first €70m of the proposed €150m equity has arrived at OHLA, and the new investors now have board seats. The Amodio brothers are on the hook for
OHLA expects to complete the SSN exchange and the first part of the equity raise by mid-December (from the new investors), which is positive for
Please find our slightly updated model here.
OHLA is well down the path to completing its restructuring, and today’s operational results show that the company is continuing to perform, albeit slightly below our
The proceeds from the CHUM sale form part of the lock-up agreement with creditors, so the arrival of the cash is another step in
All eyes are on the restructuring, but the operating results published late last night were marginally below our expectations. Given the distractions of
OHLA can now proceed with a more straightforward exchange under Spanish law as it has achieved over 90% bondholder support for its
OHLA is now highly likely to achieve an acceptance level for the restructuring plan of over 90% from bondholders. The new bond
Please find our updated analysis here.
OHLA is getting closer to getting the consent necessary for its restructuring. It is possible that the transaction may not need the English Scheme of
Over 50% of bondholders have already accepted the OHLA restructuring proposal. We expect bondholders to support the deal as the alternative is
The OHLA restructuring presentation contains no surprises. If the process is consensual, the deal will be completed in December. If the consensual deal fails, then
Please find our slightly updated model here.
The shape, if not the size of OHLA’s equity raise is beginning to emerge, but as always with OHLA, nothing is straightforward, and there is still the
The EGM is today; we expect the proposals to be approved albeit with some noise from small shareholders. The meeting starts at
Positive news for OHLA as the agreements are close to falling into place for tomorrow’s EGM. The €50m gap in the equity raise is still a hurdle and may come from a mixture of
The banks have reduced guarantee exposure to OHLA but will release €100m of €140m in cash collateral, which is a positive for OHLA. The state
OHLA has finally sought to postpone the coupon payment beyond the EGM on 21st October. The company must still finalise its bank agreements and
An extension of the coupon delay to 18th October was necessary, as the approval of the capital increase will not happen until the EGM on
The coupon postponement to 11 October has been approved. We expect a
The latest news on OHLA is a step in the right direction, although there is still work to get a deal finalised. The Spanish export insurance company proposes to
OHLA wants bondholders to amend and extend maturities in the 2026 bonds at a lower coupon, but the bondholders are seeking an
The OHLA capital raise is not yet a done deal. However, we still see the deal getting over the line. The proposed capital raise will only happen if
OHLA has promises for the €150m equity rise the banks wanted, so the sticking point in the negotiation points to pricing discussions rather than
OHLA joining a consortium bidding for a Middle East infrastructure contract gives us a nasty case of déjà vu. OHLA is part of a consortium that
OHLA confirmed that its Senior Secured PIK Notes holders have agreed to give a 15-day waiver for the coupon payment. This is part of the wide
Finally, OHLA has received binding offers from the various interested parties. As usual with OHLA, there are still plenty of
We are staying our course on OHL. We imagine the consent solicitation is going to get done - if not now then in a month - as PJT are private and the solicitation did not
Bondholders should hold out for a higher coupon. A coupon of 10% (rather than the 6% the company has proposed) offers a balance between risk and
The Four Seasons is cutting room rates to boost occupancy in its Canalejas hotel. Potential buyers for this prime real estate are unlikely to
Getting one step closer to the capital injection is a positive for credit investors, but the OHLA still needs to execute, and the agreements are all still
If a new management team (including a CEO) is the price of getting the equity raise away, it is a positive for creditors. There is nothing