Haya Bondholders Group Works With Latham & Watkins on Upcoming Debt Talks

A group of bondholders of Spanish real estate company Haya is working with Latham & Watkins to advise on upcoming debt workout discussions, sources told Reorg.

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Blackstone and Alcentra are among the largest holders of Haya’s €424 million (€215 million + €209 million) notes due 2022, according to sources.

Haya is working with Linklaters alongside Houlihan Lokey for upcoming negotiations with lenders to address the company’s 2022 maturities while the company’s shareholder has appointed Milbank, as reported.

While negotiations are at an early stage, the company’s sponsor Cerberus is targeting an amend-and-extend of the €424 million bonds maturing in November 2022, according to sources. Haya’s creditors had initially preferred to explore refinancing options including a cash injection from Cerberus but are now moving towards an amend-and-extend solution due to growing skepticism about Haya’s ability to refinance the notes, sources added.

A cash injection from Cerberus could depend on the future of Haya’s tender process with Sareb, with Haya’s current contract with Sareb set to expire on June 30, 2022. Sareb’s list of potential managers for the contract currently consists of Haya, Servihabitat, Solvia, Anticpa, Altamira, and Hipoges. However, the Spanish “bad bank” is expected to revise its shortlist of funds for its asset management contract in the coming weeks. Sources estimate Haya’s contract with Sareb accounts for 50% of the company’s revenue.

Haya's capital structure to end June, 2021 is below:

--Thomas Baker, Luca Rossi