On 11 May, the Haya group announced the sale of 100% of the share capital of its operating subsidiary, Haya Real Estate, S.A.U. (“Haya Real Estate”) to Intrum Holding Spain, S.A.U., under the terms of a binding share purchase agreement. In connection with the sale, Milbank LLP advised Haya on the terms of a comprehensive capital structure restructuring of the €350 million Senior Secured Notes of Haya due 2025.
The Haya group signed a binding lock-up agreement with noteholders representing over 85% of its notes debt, concurrently signing the sale and purchase agreement with Intrum Holding Spain, S.A.U. The lock-up agreement, which is an essential requirement in relation to the sale, secures the support of consenting noteholders to the sale and releases of their claims and security interests over Haya Real Estate on closing of the sale. Upon closing of the sale, the notes will be partially redeemed with the proceeds of sale and amended or exchanged for new limited recourse instruments to facilitate the delivery of further value to noteholders following closing. The transaction is subject to customary closing conditions.
Haya Real Estate is one of the leading companies in the management of real estate debt and property assets in the Spanish market, with €10.6billion AUM as of March 2023. Intrum Holding Spain, S.A.U. is the Spanish subsidiary holdings company of Intrum A.B., a Sweden-based credit management services company.
The Milbank team was led by London Financial Restructuring partners Sarah Levin and Sinjini Saha with associate Chris Kruizinga, and Corporate partner Lara Watt. The transaction has also been supported by partners Ana Grbec (Capital Markets), Mona Vaswani (Litigation), James Warbey (Alternative Investments), associates Manel Mostefaoui (Capital Markets), Rosy Villar (Litigation) and special cousel Robert Wyse Jackson (Alternative Investments). Ashurst LLP advised Haya on the M&A aspects of the transaction.
