OHLA - comment

OHLA wants bondholders to amend and extend maturities in the 2026 bonds at a lower coupon, but the bondholders are seeking an increase. The agreement will be in the middle with a PIK component; in the meantime, management is seeking to delay the coupon payment until 11 October. If bondholders secure payment of the 2025 maturity (50% of the outstanding), then pushing the 2026 maturities out makes sense, but at what cost in coupon? We expect a deal between the company, the bondholders, and the banks, but the stand-off with the equity will continue until the 21st October EGM.

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