OHLA - comment

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 wider capital raising, but with the extension of a little over two weeks, it seems futile to us.  No extra information was shared publicly, and there was no incentive for bondholders, we reiterate our previous comments that bondholders should have declined the consent.  However, the issue appears to have been prediscussed with advisers, PJT Partners, and in itself only a minor delay.  Given our position in the bonds, we look forward to the completion of the capital raise.