OHLA - comment

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 reward. The only card bondholders have to force the asset sales and the equity raise through is the imminent maturity. Unless the A&E is done simultaneously with the capital raise, OHLA is likely to backslide on the capital raise to avoid diluting the shareholders. If maturities are no longer a problem, the need to get the banks to release collateral will also go away. OHLA has little to threaten bondholders with and has failed to deliver what it (including the Amodio family) promised in the 2021 restructuring.

https://www.elconfidencial.com/empresas/2024-09-05/bonistas-interes-refinanciar-deuda_3954719/(Subscription required)