Milbank LLP has acted for Cerberus on the refinancing and recapitalisation of Haya through an English Scheme of Arrangement. Haya is the Spanish market leader in the management of real estate debt and property assets, with €28.5 billion AUM as of March 2022.
The transaction, which obtained the support of more than 90% of Haya’s noteholders, involved the refinancing of Haya’s old notes with €368.5 million new notes (representing a reduction of the existing debt by €55.5 million new notes) maturing November 2025. The transaction has resulted in the creation of a new corporate structure in which Cerberus retains the majority shareholding, with 72.5% of the equity, and the old noteholders hold the remaining equity.
The Milbank team was led by London Financial Restructuring partner Sinjini Saha with associate Matthew Fonti, and Global Corporate partner Andrej Wolf with associate Sarah Ullathorne
