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REAL ESTATE: Lar Espana (LRESM: BBB*-): >50% Control

REAL ESTATE
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  • Following the agreement with Vukile (Castellana Properties) the Helios consortium now controls more than 50% of the shares of the company as they have already secured the agreement with Brandes and Grupo Lar
  • The bond docs simply define "Change of Control" as having "Control of the Issuer"
  • The bonds have a 60 day Change of Control Period during which a Rating Downgrade or a Negative Rating Event must occur to trigger the CoC Put at 101
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  • Following the agreement with Vukile (Castellana Properties) the Helios consortium now controls more than 50% of the shares of the company as they have already secured the agreement with Brandes and Grupo Lar
  • The bond docs simply define "Change of Control" as having "Control of the Issuer"
  • The bonds have a 60 day Change of Control Period during which a Rating Downgrade or a Negative Rating Event must occur to trigger the CoC Put at 101