Dalata Hotel Group has announced that it has successfully agreed a new €525 million debt facility, completing the refinance of its existing debt facilities. The new facilities, made up of a term loan facility of £176.5 million and a multi-currency revolving credit facility of €325 million, have a five year term expiring in November 2023 and replace the existing term loan (approximately €300 million) and revolving credit facilities of €190 million, which were due to mature in February 2020.
The existing facilities were provided at different intervals since February 2015 by a banking group comprising of AIB Bank, Bank of Ireland, Barclays Bank and Ulster Bank. This group has been joined by HSBC Bank and Banco de Sabadell in providing these new facilities. Deloitte acted as debt advisor for Dalata.
Dermot Crowley, Dalata's deputy CEO for business development and finance, commented, "We are delighted to have secured new facilities out to October 2023. Our banking group have been very supportive of our growth ambitions since we first drew down facilities in February 2015. I am very pleased that HSBC and Banco de Sabadell have now joined our group and it demonstrates the growing attraction of Dalata to international lending institutions. The terms of the new facilities reflect the increased strength of the balance sheet since 2015. These new facilities will help support the continued growth of our business and reduce our financing costs as well as extending the maturity of our debt."
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