Link Securities | OHLA’s Extraordinary Shareholders’ Meeting yesterday approved the Board’s proposal to launch this year a capital increase of up to €150 million to facilitate the refinancing of the company’s debt of almost €550 million, between bonds and bank debt, Expansión reported. ‘The company will be strengthened with greater resources,’ said Luis Amodio, president of the construction company.
OHLA will repay €140 million to bondholders with the increase approved yesterday at a price of €0.25 per share. The creditors agree to extend the outstanding debt to 2029 with a coupon of less than 10.75%. The Amodio brothers support OHLA’s recapitalisation with the contribution of €26 million, in addition to the €50 million contributed by the Excelsior consortium led by the founder of Audax Renovables, José Elías, and another €25 million by the Mexican businessman Andrés Holzer. In total, €101 million of the planned €150 million in the capital increase, divided into two tranches of €80 million and €70 million. The price of the placement is expected to be €0.25 per share.
Furthermore, OHLA informs that the Board of Directors, following a favourable report from the Appointments and Remuneration Committee, has agreed to delegate to Mr. Tomás Ruiz González all the powers that may be delegated by law and under the Bylaws.
