Mon, 17th Jun 2019 07:41
OBRASCÓN HUARTE LAIN, S.A. ("OHL" or the "Company") in compliance with the provisions of Article 228 of the Refunded Text of the Securities Market Act approved by Royal Decree Law 4/2015 of 23 October informs the National Stock Market Commission of the following
The Company has executed with Grupo Villar Mir, S.A.U ("GVM") and Pacadar, S.A.U ("Pacadar") a settlement agreement to end the existing discrepancies and providing a strong asset position in the Company through executive instruments detailed below.
The fundamental aspects of the aforementioned settlement agreement are as follows:
1. Pacadar acknowledges a debt with OHL amounting to 34,865,575.76 Euros plus the interests accrued on a daily basis from 15 February 2018 at a five per cent (5%) fixed interest rate p.a. of which, as of 11 April 2019, Pacadar has already satisfied 537,510.96 Euros ("Debt 1").
2. GVM acknowledges a debt with OHL amounting to 75,609,000 Euros plus the interests accrued on a daily basis from 8 July 2016 at a five point five per cent (5.5%) fixed interest rate p.a. ("Debt 2").
3. Both debt acknowledgments are recorded in public deed with a liquidity agreement in order to to constitute an executive title.
4. The pledge over Pacadar shares that, before the settlement agreement, only guaranteed GVM debt will now guarantee both Debts, GVM committing to provide additional guarantees.
5. Debt 1 and Debt 2 maturity is the 30 September 2020 without prejudice of GVM commitment to make its best efforts to make payment within the current 2019 financial year.
At Madrid the 17 June 2019.