Haya Real Estate’s Refinancing and Recapitalisation

Milbank advised Cerberus on the deal, while Latham & Watkins advised a committee of senior secured noteholders.

Cerberus announced the refinancing and recapitalisation of Haya through an English Scheme of Arrangement. Haya is the Spanish market leader in the management of real estate debt and property assets, with €28.5 billion AUM as of March 2022. 

The transaction, which obtained the support of more than 90% of Haya’s noteholders, involved the refinancing of Haya’s old notes with €368.5 million new notes (representing a reduction of the existing debt by €55.5 million new notes) maturing November 2025. The transaction has resulted in the creation of a new corporate structure in which Cerberus retains the majority shareholding, with 72.5% of the equity, and the old noteholders hold the remaining equity.

The Milbank team was led by London Financial Restructuring partner Sinjini Saha (Picture) with associate Matthew Fonti, and Global Corporate partner Andrej Wolf with associate Sarah Ullathorne.

The multi-disciplinary Latham team was led by London finance partners Yen Sum and Bruce Bell, and Madrid finance partner Pedro de Rojas, with London finance associates Maria Holzhammer and Amy Simmons, and Madrid finance associates Carmen Alonso and Claudia Mencía. High yield matters were led by Milan partner Jeff Lawlis, with associate Michele Vangelisti. Advice on corporate matters was provided by London partner Sam Newhouse with associate Alice Drayton; on tax matters by Madrid partner Jordi Domínguez with associate Blanca Vázquez de Castro, London partner Karl Mah with associate Sam Duncan, and New York partner Jiyeon Lee-Lim with associate Lukas Kutilek; and on litigation matters by Madrid partner Óscar Franco.

Involved fees earner: Carmen Alonso – Latham & Watkins; Bruce Bell – Latham & Watkins; Pedro de Rojas – Latham & Watkins; Jordi Dominguez – Latham & Watkins; Alice Drayton – Latham & Watkins; Sam Duncan – Latham & Watkins; Óscar Franco – Latham & Watkins; Maria Holzhammer – Latham & Watkins; Lukas Kutilek – Latham & Watkins; Jeffrey Lawlis – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Karl Mah – Latham & Watkins; Claudia Mencía – Latham & Watkins; Sam Newhouse – Latham & Watkins; Amy Simmons – Latham & Watkins; Yen Sum – Latham & Watkins; Michele Vangelisti – Latham & Watkins; Blanca Vazquez de Castro – Latham & Watkins; Matthew Fonti – Milbank LLP; Sinjini Saha – Milbank LLP; Sarah Ullathorne – Milbank LLP; Andrej Wolf – Milbank LLP;

Law Firms: Latham & Watkins; Milbank LLP;

Clients: Cerberus Capital Management, L.P.; Haya Real Estate – Committee of Senior Secured Noteholders;

Martina Bellini

Author: Martina Bellini