OHLA - comment

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 OHLA will use a UK scheme of arrangement ( SOA); the SOA would be proposed in January, to close by the end of February. The bonds will have an initial coupon of 9.75% (5.10% cash/4.65% PIK). We expect bondholders to consent even if the full €150m equity raise isn’t reached. Getting half of their cash now is a powerful incentive. OHLA must fill a €50m gap to reach the full €150m in fresh equity. Plugging that gap with a convertible has been suggested, but we think the Amodio family would rather avoid the potential dilution of their stake. We are going through the presentation in detail and will update you as soon as possible.  

https://www.cnmv.es/webservices/verdocumento/ver?t=%7bc696347a-68e4-41b7-8bbf-710caeb6141d%7d