OHLA - comment

Getting one step closer to the capital injection is a positive for credit investors, but the OHLA still needs to execute, and the agreements are all still conditional. The €150m amount is what the banks wanted and would be our preference, but the €100m looks like the more attainable goal. OHLA will have funds to make the March 2025 bond repayment but needs to execute asset sales to meet the March 2026 redemption. 

The €100m target set by the Amodio family will be met by €50m from José Elías as part of an underwriting group and Andrés Holzer putting in €25m alongside €26m from the Amodio family. As an alternative to the €100m, the OHLA board has proposed a €150m raise (€80m Rights Issue with pre-emption rights and a €70m issue with pre-emption rights). The board plan would require Holzer to increase his participation to match that of Elías.