Haya Real Estate successfully completes its refinancing and financial recapitalization process
- The Company has successfully completed its recapitalization, with the support of more than 90% of its current bondholders.
- Haya was able to reduce its debt by 55.5 million euro to 368.5 million euro and extend its maturity to November 2025.
- This transaction not only significantly strengths Haya Real Estate’s financial structure but also its equity position and provides great stability to its business with a long-term perspective.
Madrid, 14th, June 2022. Haya Real Estate ("Haya"), the Spanish market leader in the management of real estate debt and property assets, announced today the completion of its refinancing and financial recapitalization process announced in February, with the support of more than 90% of its current bondholders. The process has closed with the refinancing of its debt, extending its maturity until 2025, November.
The transaction involves the redemption of the former debt issue and the issuance of new bonds valued at 368.5 million euro, which represents a reduction of the existing debt by 55.5 million euro. These new bonds are now issued by a new company which holds 100% of Haya’s share capital. This operation has led to the creation of a new corporate structure in the United Kingdom.
The new parent company of the Group will keep the funds advised by Cerberus as major shareholder, with 72.5% of the equity. The bondholders will hold the remaining 27.5% and will have 2 independent directors.
This transaction not only significantly strengths Haya Real Estate’s financial structure, but also its equity position and provides great stability to its business with a long-term perspective. This, together with the good momentum of the real estate market in Spain, as well as Haya’s ability to adapt and offer new services to its clients and the optimization of its cost structure, support the company in achieving the objectives established in its Business Plan.
Enrique Dancausa, CEO of Haya Real Estate, said: “The completion of our refinancing process allows us to preserve the value of Haya and provides great stability to the company, while we continue working to strengthen our position as a leading player in the servicing industry in Spain.”
About Haya Real Estate
Haya is the leading company in the management of Non-Performing Loans and Real Estate Owned assets (NPLs and REOs, respectively) in Spain. The company manages assets as well as financial and real estate vehicles for a wide variety of clients, from financial institutions to international investors. In total, Haya is responsible for €28.5 billion of AuMs (Assets under Management) as of March 2022.
Haya offers products and services covering the entire value chain of NPLs and REOs. Its NPL services focus on the management of corporate or individuals’ debt, with a high degree of specialization in the valuation, management and recovery of loans and the conversion of non- performing loans into real estate owned assets. Real estate services are delivered to a portfolio of ~186,000 assets, and they range from asset boarding, property management, maintenance and valuation to its commercialization. Haya's services are fully integrated into the lifecycle of each NPL / REO, and also involve portfolio advisory and underwriting capabilities, rental management, land management, completion of works in progress.
Haya’s main clients include financial institutions such as BBVA, Caixabank, Cajamar, Sareb, Unicaja and international investment funds such as Cerberus Capital Management. The company employs ~831 professionals, featuring an extensive sales network that covers the entire Spanish geography. Haya has invested in cutting-edge technology, data analysis and IT tools focused on industrialization, process efficiency and performance delivery which are key to deal with current market environment.