Premier Inn owner Whitbread has said that it has struck an agreement with its creditors to extend the maturity of its revolving credit facility by one year to September of 2023.
The hotel operator, which has been forced to shut its sites in Britain due the latest COVID-19-related lockdown, also said that it has priced two green bonds worth £550 million and intends to repay approximately £284 million worth of private placement notes.
The size of the company's credit facility will reduce by £225 million in September of 2022 before its maturity the next year, Whitbread said.
Raised Funds And Net Debt
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Last year, the hotel operator last year raised £1 billion to weather the impact of the COVID-19 pandemic.
Whitbread's net debt stood at £322.9 million, according to its half-year results in October.