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Wednesday, April 17, 2024

Linklaters, Latham advise on Haya RE €55m debt reduction and €368m new bonds issuance

Linklaters has advised Haya Real Estate while Latham & Watkins has advised senior secured noteholders on the financial recapitalisation of the company

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The recapitalisation involved a partial redemption and exchange of the Group’s existing senior secured fixed and floating-rate notes for €368.4 million of new floating rate notes maturing in 2025, representing a reduction of the Group’s existing debt by €55.5 million. Noteholders also received a combined 27.5% equity stake in the business. The transaction was implemented through an English law scheme of arrangement under Part 26 of the Companies Act 2006 and received the support of over 95% of existing noteholders. The recapitalisation is expected to significantly strengthen Haya Real Estate’s capital structure and seeks to provide stability to the business by eliminating short-term refinancing risk.

Latham & Watkins has advised a committee of senior secured noteholders in connection with the successful financial recapitalisation of Haya Real Estate, a Spanish market leader in the management of real estate debt and property assets.

The multi-disciplinary Latham team was led by London finance partners Yen Sum and Bruce Bell, Madrid Finance partner Pedro de Rojas, London finance associates Maria Holzhammer and Amy Simmons, and Madrid Finance associates Carmen Alonso and Claudia Mencía. High yield matters were led by Milan partner Jeff Lawlis, with associate Michele Vangelisti. Advice on Corporate matters was provided by London partner Sam Newhouse with associate Alice Drayton; on Tax matters by Madrid partner Jordi Domínguez with associate Blanca Vázquez de Castro, London partner Karl Mah with associate Sam Duncan, and New York partner Jiyeon Lee-Lim with associate Lukas Kutilek; and on Litigation matters by Madrid partner Óscar Franco.

From her side, Ana Suárez Garnelo, general counsel at Haya Real Estate, stated: “Very proud to share that this important milestone for the Company was closed yesterday. Thank you for the tremendous support and hard work of Linklaters and the whole team at HAYA Real Estate.”

Linklater’s London team was formed by partner Sarah Mook, Ifrath Hussain, Conor O’Brien, Myrto Colocassides, Rollo Speak, Sam Carroll, Jack Colthurst and partner Chris Stevenson.

Linklaters’ Spain team was led by partners Ben Crosse and Francisco Sainz-Trápaga and counted on the support of associates Sara Arriaza, Conor O’Brien and Jaime Pelegrí.

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