OHLA has obtained the backing of more than half of the holders of its bonds for a total amount of 343 million euros, in order for them to waive certain rights included in their contracts, while the company continues the judicial process related to its ruling in Qatar.
Although the deadline to gather approvals did not end until this Thursday, September 24, at 11:00 a.m., the company has informed the National Securities Market Commission (CNMV) that it already has the necessary percentage of favorable votes to move forward with the proposed agreements.
At the beginning of September, OHLA sent a consent request to the holders of its bonds with the aim of having them accept "irrevocably and unconditionally waive any cause of default or early maturity of the debt arising from an enforcement order."
The purpose of the construction company was to obtain authorization from its creditors to prevent a potential enforcement order from triggering the default clauses provided in the terms of the issuance or triggering the immediate enforceability of part of its debt, as long as the resolution issued in the ruling from Qatar, which established that the company must pay 26.4 million euros, is not final.
Through this financial operation, the company aims to eliminate the technical risk of an early maturity of its bonds and strengthen its stability while the procedure associated with the enforcement order continues its processing in the courts.
In any case, OHLA already had a provision registered that exceeds the unfavorable amount derived from the ruling, so the effect on its accounting results remains null.