Elegant Hotels Group completes refinancing of loans, facilities
StockMarketWire.com - Elegant Hotels Group confirmed that it had refinanced all of its loans and facilities following the commitment from lenders announced May.
As a result of the refinancing, the loans and facilities had been extended to 2024 at similar commercial terms to those currently in place: The Group now had US$64.4m of term loans consisting of US$59.4m and Bbds$10.0m (US$5.0m), and also retained its Bbds$20.0m (US$10.0m) overdraft facility. The remaining repayment period of the term loans had been extended from 10 years to 15 years.
Prior to the refinancing, the Group's loans and facilities were due to expire in May 2020. These consisted of US$59.4m of term loans, US$5.0m of revolving credit facility, and a Bbds$20.0m (US$10.0m) overdraft facility, the company said.
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