Milbank LLP advised Haya on its comprehensive capital structure restructuring, through an English Scheme of Arrangement, in connection with its sale of 100% of the share capital of Haya Real Estate to Intrum Holding Spain, S.A.U.
On 29 August, Mr. Justice Trower sanctioned the scheme of arrangement proposed by Haya, which obtained the support of more than 99% of holders of Haya’s €350 million Senior Secured Notes of Haya due 2025. The Scheme of Arrangement facilitated the sale to Intrum, with noteholders receiving the benefit of the sale proceeds.
Under the terms of the scheme of arrangement, Haya’s noteholders released all their claims and security interests over Haya Real Estate. The initial proceeds of the sale were distributed to Haya’s noteholders through a partial redemption of Haya’s notes, while any further value will be delivered to the noteholders by newly issued limited recourse instruments. The sale and restructuring of Haya’s notes completed on 6 September 2023.
Haya Real Estate is one of the leading companies in the management of real estate debt and property assets in the Spanish market, with €10.6 billion 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 associates Damilola Odetola and Chris Kruizinga and trainee Nik Repin. The transaction has also been supported by partners Lara Watt (Corporate), Ana Grbec (Capital Markets), Mona Vaswani (Litigation), James Warbey (Alternative Investments) and associates Eugenia Repetto, Giulia Musmeci, Manel Mostefaoui (Capital Markets), Rosy Villar, Vasiliki Katsarou (Litigation), Robert Wyse Jackson and Connor Clune (Alternative Investments) and Madalena de Abreu (Corporate). Ashurst LLP advised Haya on the M&A, tax and Spanish law aspects of the transaction.
