The proceeds from the CHUM sale form part of the lock-up agreement with creditors, so the arrival of the cash is another step in
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Over 50% of bondholders have already accepted the OHLA restructuring proposal. We expect bondholders to support the deal as the alternative is
Read MoreThe OHLA restructuring presentation contains no surprises. If the process is consensual, the deal will be completed in December. If the consensual deal fails, then
Read MoreThe latest news on OHLA is a step in the right direction, although there is still work to get a deal finalised. The Spanish export insurance company proposes to
Read MoreOHLA joining a consortium bidding for a Middle East infrastructure contract gives us a nasty case of déjà vu. OHLA is part of a consortium that
Read MoreWe are staying our course on OHL. We imagine the consent solicitation is going to get done - if not now then in a month - as PJT are private and the solicitation did not
Read MoreBondholders should hold out for a higher coupon. A coupon of 10% (rather than the 6% the company has proposed) offers a balance between risk and
Read MoreIf the latest iteration of the capital raise is completed, it is a positive for bondholders (and the Amodio family). However, nothing is over the finish
Read MoreIllinois failed to follow its laws in awarding a $323m contract to upgrade a Chicago Toll Road, and OHLA has been disadvantaged, but
Read MoreWe have said since the beginning that the banks are pushing the capital increase. The latest piece confirms this and underlines that
Read MoreThe withdrawal of the Atitlan offer is a negative for the bonds. Having been invited to talk to the board Atitlan chose to let the offer lapse; this is likely
Read MoreIf the Atitlan deal expires today, it is a negative for bondholders as it means the larger cash injection would be off the table (for now); we expect
Read MoreOHLA appointing Houlihan was necessary, but the bonds will initially trade slightly lower. The entry of an advisor to OHLA was unavoidable as an
Read MoreAs the proposed Atitlan stake of 36.1% in OHLA would be split between them and Stoneshield (a separate hedge fund), CMVA approval
Read MoreThe Amodio family wants to roll the dice and raise only €50m, hoping the Canalejas and Service Business sales complete and plug OHLA’s
Read MoreThe Amodio family will be squeezed towards raising more capital by their banks, even if the price means more dilution for shareholders and
Read MoreOHLA needs additional investors for €74m of the proposed €100m equity raise. We have not seen any details of an underwriting
Read MoreIf the agreement to sell CHUM is completed, it will be a welcome cash boost for OHLA, but we have been here before. On its own, CHUM isn’t enough; OHLA will
Read MoreThe €300m highway contract in Illinois represents a strong end to the year for OHLA. OHLA needs to continue building its infrastructure
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