MOLITOR Avocats à la Cour SARL has advised an ad-hoc group of institutional noteholders (the “Ad-Hoc Group”) in relation to all Luxembourg law aspects concerning the financial restructuring of Obrascón Huarte Lain, S.A. (“OHL”) and its subsidiaries, a multinational construction and civil engineering group headquartered in Spain and operating in 30 countries (“OHL Group”), with a strong presence in Europe, Latin America and North America.

The restructuring of the notes was implemented by way of an English law governed scheme and completed on 28 June 2021. It involved, among other things, the replacement of existing senior notes with new EUR 487,266,804 senior secured notes and the renegotiation of the terms of existing syndicated and bilateral bank facilities granted by Spanish banks of a total principal amount of EUR 782,301,492. The corporate structure of the OHL Group was also revised, with the interposition of a double LuxCo structure to hold all indirect subsidiaries of OHL.

Implementation of the restructuring was conditional upon the creation of a comprehensive common guarantee and security package created across several jurisdictions, including the granting of additional Luxembourg security interests the terms of which were tailored to the specific needs of the secured parties, and the renegotiation of an existing Luxembourg share pledge to allow for its extension or release under specific circumstances defined by the parties. Intercreditor arrangements were also entered into between all relevant parties to regulate the various rights and obligations of OHL Group’s creditors.

Armel Waisse (Partner) and Laurent Henneresse (Counsel) led MOLITOR’s Banking & Finance team on this matter.