Latham & & Watkins has advised a committee of senior protected noteholders in connection with the successful monetary recapitalisation of Haya Real Estate, a Spanish market leader in the management of realty financial obligation and residential or commercial property possessions.
The recapitalisation included a partial redemption and exchange of the Group’s existing senior secured repaired and drifting rate notes for EUR368.4 million of brand-new floating rate notes developing in 2025, representing a reduction of the Group’s existing debt by EUR55.5 million. Noteholders likewise got a combined 27.5% equity stake in the business. The deal was implemented through an English law plan of arrangement under Part 26 of the Companies Act 2006 and got the support of over 95% of existing noteholders. The recapitalisation is expected to significantly enhance Haya Real Estate’s capital structure and seeks to offer stability to business by removing short-term refinancing threat.
The multi-disciplinary Latham group was led by London financing partners Yen Sum and Bruce Bell, and Madrid finance partner Pedro de Rojas, with 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. Recommendations on business matters was offered 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.