Haya Real Estate gets consents from holders of 91.5% of notes due 2022

By Marisa Wong

Los Angeles, April 6 – Haya Real Estate SAU announced it received consents from holders representing 91.5% in aggregate principal amount of two series of outstanding notes voting as one series.

Haya had launched the consent solicitation relating to its euro-denominated 5¼% senior secured notes due 2022 (ISIN: XS1716821779, XS1716821340) and euro-denominated floating-rate senior secured notes due 2022 (ISIN: XS1716822231, XS1716821936) on March 30.

The solicitation expired at noon ET on April 6.

Haya was asking holders to approve a proposed amendment to the Nov. 15, 2017 indenture governing the 2022 notes; a proposed amendment to provisions of an intercreditor agreement (ICA) dated Nov. 15, 2017; ratification of the appointment of GLAS Trust Co. LLC as trustee; and appointment of GLAS Trust Corp. Ltd. as security agent.

With the necessary consents received, a resignation and appointment deed to give effect to the security agent appointment, a supplemental indenture to give effect to the proposed indenture amendments and an ICA amendment agreement to give effect to the proposed ICA amendments will be executed as soon as practicable.

As previously announced, the solicitation is being made in the context of the issuer’s proposed refinancing of its debt under the notes. In connection with the recapitalization, the issuer entered into a lock-up agreement dated Feb. 18 with Lucid Issuer Services Ltd. as lock-up agent and some of the holders.

As of March 29, supporting holders representing about 92.03% of the outstanding notes had entered into, or acceded to, the lock-up agreement and thereby agreed to support the consent solicitation and vote in favor of the proposed amendments.

While no consent fee is payable in connection with the solicitation, each holder who signed or acceded to the lock-up agreement prior to noon ET on March 31 may be eligible for a consent payment under the lock-up agreement, as previously noted.

Lucid is the information and tabulation agent.

The real estate company is based in Madrid.

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