Elegant Hotels Group PLC Successful completion of refinancing (5396C)
18 June 2019 - 4:00PM
UK Regulatory
TIDMEHG
RNS Number : 5396C
Elegant Hotels Group PLC
18 June 2019
18 June 2019
Elegant Hotels Group plc
Successful completion of refinancing of loans and facilities
The Board of Elegant Hotels Group plc ("Elegant Hotels" or the
"Group"), the owner and operator of seven upscale freehold hotels
and a beachfront restaurant on the island of Barbados, can confirm
that it has successfully refinanced all of its loans and facilities
following the commitment from lenders announced in May 2019.
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.
As a result of the refinancing, the loans and facilities have
been extended to 2024 at similar commercial terms to those
currently in place: the Group now has US$64.4m of term loans
consisting of US$59.4m and Bbds$10.0m (US$5.0m), and it also
retains its Bbds$20.0m (US$10.0m) overdraft facility. The remaining
repayment period of the term loans has been extended from 10 years
to 15 years.
For further information:
Elegant Hotels Group plc
Sunil Chatrani, Chief Executive Officer +1 246 432 6500
Jeff Singleton, Chief Financial Officer
Liberum Capital Limited (NOMAD and Broker)
Clayton Bush / Chris Clarke / William Hall +44 (0) 203 100
2222
Powerscourt
Rob Greening / Lisa Kavanagh / Jana Tsiligiannis +44 (0) 207 250
1446
Email: eleganthotels@powerscourt-group.com
Notes to Editors:
Elegant Hotels owns and operates seven luxury freehold hotels
and a beachfront restaurant, Daphne's, on the island of Barbados.
The Group's portfolio currently comprises 588 rooms, making it
twice as large (by room number) as the closest competitor in the
Barbados luxury hotel room market. Six of the seven properties are
situated along the prestigious west coast of Barbados commonly
known as the "Platinum Coast". The properties are all freehold,
with a total aggregate plot size of approximately 23 acres and an
aggregate beachfront of 2,600 feet.
In the year ended 30 September 2018, the Group reported revenue
of $62.9 million and EBITDA before non-recurring items of $19.7
million.
Together, the Group's seven existing hotels - Colony Club,
Tamarind, The House, Crystal Cove, Turtle Beach, Waves Hotel &
Spa and Treasure Beach - offer styles encompassing classic and
contemporary, family-friendly and adults-only. The Group also has a
management contract for Hodges Bay Resort in Antigua and a sales
and marketing contract for The Landings Resort & Spa in St.
Lucia.
The Group's strategy is to leverage its position as a leading
hotel operator in Barbados and to expand both on Barbados as well
as further into the Caribbean.
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/
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END
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