Mulhacen Pte Ltd restructures EUR515 million Notes via exchange offer and consent solicitation; DHC Capital appointed as Director to support restructuring

Mulhacen Pte Ltd completed the EUR515 million Notes restructuring via exchange offer and consent solicitation on 18 March 2022.

The restructuring involved exchanging the Notes for equity in Teide Ltd, as well as provision of a EUR280 million new capital injection from existing stakeholders (with EUR250 million used to recapitalise WiZink Bank). Noteholders who participated in the new facility could also receive (i) additional equity in Teide Ltd resulting in Noteholders holding a 40% equity stake post restructuring and (ii) allocations in a second lien facility with a reinstatement value of 55% of the Notes.

DHC Capital was appointed as Director of Mulhacen Pte Ltd and Teide Ltd to provide Board level support during the restructuring process.

About Mulhacen Pte Ltd and Teide Ltd

Mulhacen Pte Ltd is a holding company of Spanish Bank, WiZink Bank.

Mulhacen Pte Ltd was the issuer of the EUR515 million 6½% / 7¼% Senior Secured PIK Toggle Notes due 2023.

Teide Ltd is the holding company of Mulhacen Pte Ltd.