Mon 01/04/2021 05:43 AM
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Relevant Documents:
Press Release
Consent Solicitation

Spanish ferry operator Naviera Armas has announced a restructuring agreement with an ad hoc bondholder committee featuring the conversion of about €240 million of bonds into equity and the provision of up to €140 million in new liquidity, including a €40 million equity injection from shareholders. Continue reading for our EMEA Core Credit team's analysis of the Naviera Armas restructuring agreement and request a trial for access to the linked documents as well as our analysis and reporting on other restructuring situations in the region.

The ad hoc committee, representing in excess of 72% of the €300 million notes due 2024 and the €232 million notes due 2023, have agreed to extend the maturity profile of the group with new notes maturing in 2026.

The group also received consent from noteholders to allow the incurrence of an up to €100 million bridge facility under the credit facilities basket. The new facility will be provided by the ad hoc bondholder committee and is intended to cover Naviera’s liquidity shortage until early 2021, when the loan of up to €125 million from the Spanish state-owned industrial holding company Sociedad Estatal de Participaciones Industriales, or SEPI, is expected to be provided, as previously reported. The €100 million facility will be provided in two tranches.

The group will enter a comprehensive lockup agreement in January to facilitate the implementation of the financial restructuring, which is expected to be completed in the second quarter of 2021, according to a company statement.
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