Villar Mir Group (GVM) has reached an agreement on the terms of the repayment of the debt with OHL, which amounted to 129 million euros, through the payment of shares in the companies Pacadar and Alse Park, as well as the recognition of a debt of 45, 85 million euros, as indicated in a statement sent to the National Securities Market Commission (CNMV).
The terms of the agreement contemplate the payment in payment of 100% of the shares of Pacadar owned by GVM in favor of OHL to partially settle the debt, as well as the payment in payment of the shares of the company Alse Park, representing 32.5% of its capital owned by GVM.
Likewise, the agreement includes the recognition by GVM of a debt of 45.85 million euros with OHL after the payment of the shares in these two companies.
This debt is distributed in a first tranche of 22 million euros maturing in five years and guaranteed by a pledge over Espacio Information Technology shares, as well as another tranche for an amount of 11 million euros, with a maturity of two years and guaranteed by a pledge over certain credit rights of GVM.
Likewise, a third tranche for the amount of 12.85 million euros maturing in five years, the repayment of which is contingent on the valuation of the GVM stake in Ferroglobe on the stock market or its sale at a certain price. By virtue of the agreement reached, OHL agrees to release GVM from its obligations as joint guarantor of Pacadar’s debt to OHL.
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