OHLA - comment

Finally, OHLA has received binding offers from the various interested parties. As usual with OHLA, there are still plenty of moving parts. The equity raise is at the €150m level the banks wanted, so releasing the cash collateral is a condition of the equity commitment. The agreement with bondholders about the coupon and term of the 2025/2026 notes is also part of the condition’s precedent for the equity. We are getting there on the balance sheet. We will look at the terms of the equity raise (one part with pre-emptive right and one without) and update our analysis. We note the new shares will be priced at 25c vs last night’s closing of 28c (an 11% discount)—a relatively small discount, which will not encourage other shareholders to participate.

https://www.cnmv.es/webservices/verdocumento/ver?t=%7b43f83b63-84a8-4877-b25b-e9145bf5c318%7d