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The former chairman of Sareb, Jaime Echegoyen, and Codere’s independent director, Aidan de Brunner, have joined the board of directors of Haya Real Estate’s parent company, the British company Haya Holdco 2, on behalf of the bondholders.

Both directors, together with the CEO of the company, Enrique Dancausa, Gerald Porter and Cornelis Maas, will be in charge of the parent company -which controls 100% of the company- that has been created to facilitate the refinancing of the servicer under British legislation .

The recapitalization of Haya Real Estate entailed the partial redemption and exchange of the Group’s senior guaranteed fixed and variable rate bonds for 368.4 million, for new variable rate bonds maturing in 2025, which represents a reduction in the debt of 55.5 million. In return, the bondholders have received a 27.5% shareholding in the business.

The transaction has been implemented through a procedure subject to English law called a scheme of arrangement and received the support of more than 95% of the current bondholders, an extreme that was made easier by having five companies with more than 50% of the outstanding bonds .

The recapitalization is expected to significantly strengthen Haya Real Estate’s capital structure
The bondholders had the support of PJT Partners and Latham & Watkins. Milbank advised Cerberus in the process and the company brought in Houlihan Lokey Bank and Linklaters.

According to sources consulted, the recapitalization is expected to significantly strengthen Haya Real Estate’s capital structure and provide stability to the business by eliminating the risk of refinancing in the short term.

The company will thus be able to face a difficult year after losing the contract it had up to now with Sareb this past February , although the company’s sales level has been maintained. The Cerberus fund, the company’s main shareholder, plans to carry out a corporate operation that could serve to consolidate a sector in which there is currently a wide atomization.

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