OHLA - comment
OHLA can now proceed with a more straightforward exchange under Spanish law as it has achieved over 90% bondholder support for its recapitalisation plan. Bondholders will now get another 0.25% in fees. Another €50m in equity is needed to ensure bondholders receive the €140m in redemption (€91m has been secured so far). Our thesis has always been that bondholder support would be forthcoming, as the alternative would be far worse.