OHLA - comment

If the Atitlan deal expires today, it is a negative for bondholders as it means the larger cash injection would be off the table (for now); we expect Atitlan to offer another extension to give the OHLA board more time. If Atitlan walks away, it would make the direction of travel for OHLA easier to see with an Amend and Extend operation more likely as the guaranteed cash from the Amodio deal is smaller. The Amodio family are offering €26m with a possible €25m additional from a new investor. The tantalising possibility of a full takeover remains in press speculation, but we prefer to look at what is on the table right now.