Cuatrecasas steers Quabit´s debt restructuring

Cuatrecasas has advised Spanish Real Estate company Quabit on its debt restructuring process

Madrid-headquartered listed company Quabit, with over 20 years of experience in the Real Estate industry, has signed a debt restructuring agreement with several funds, advised by the global investment firm Avenue Europe International Management, for a value of €123.2 million. Thanks to this refinancing, the company will be able to better face the uncertainty derived from the COVID-19 crisis.

Cuatrecasas advised on the capitalisation of €25 million of debt through the issue of new convertible preferred shares with no voting rights, corresponding to a new class B created on the occasion of this transaction, as well as on the granting of the purchase option granted to the company for the purchase and redemption of the aforementioned shares.

The transaction allows the debt cancellation to be accompanied by the planned deliveries of promotions in a more conservative scenario.

Cuatrecasas´ team was led by Madrid office M&A partner Ignacio Escrivá de Romaní (pictured left) and included Corporate M&A partner Juan Aguayo (pictured right) and associates Andrea Giné, Elena García and Blanca Lanzas.

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