Haya Real Estate is working with Linklaters alongside Houlihan Lokey for upcoming negotiations with lenders to address the company’s 2022 maturities, sources told Reorg.
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In addition, the company’s shareholders have appointed Milbank to act as legal counsel, sources said.
While negotiations are at an early stage, the company’s sponsor Cerberus is targeting an amend-and-extend of the €475 million bonds maturing in November 2022, sources say. However, the company’s creditors are leaning more toward a refinancing that includes a cash injection from the sponsor, sources added.
According to sources, a cash injection from Cerberus could depend on the future of Haya’s tender process with Sareb, with the Spanish “bad bank” yet to decide on whether to maintain its current distribution of portfolios and potential reduction of servicers or not.
Haya said it expects the process to be highly competitive and to be delayed to the first quarter of 2022, as reported
. Cerberus attempted to sell out of Haya in 2019. At the time, the sponsor hired Citi to arrange the sale of the company to U.K. investment firm Centricus, but the deal fell through.
Haya reported second-quarter revenue growth of 30.6% to €49.8 million driven by an increase in total transaction volume during the period. Adjusted EBITDA grew 13.9% year over year in the quarter to €16.4 million, reflecting the increase in revenue.
-- Aurelia Seidlhofer, Thomas Baker