‘Rock-solid’ structure required for GVM-OHL

Grupo Villar Mir, a Spanish family-owned holding company, on Thursday raised €125m from a bond exchangeable into shares of construction firm Obrascon Huarte Lain, its main asset. Structuring was key to the success of the deal — which achieved a multiple-times though price sensitive book — with the issuer changing its legal form and using an SPV to sell the bonds while the deal came with a first-ranking pledge over twice the number over the shares underlying the bonds.