Dalata Hotel Group has refinanced its existing debt facilities and increased its liquidity in order to fund further expansion.
The Dublin-headquartered hotel operator has secured a green term loan facility of €100m with an opening margin of 1.7% and a multi-currency revolving credit facility of €375m at 1.3%.
The bank facilities have a five-year term expiring in October 2029 with the option of two one-year extensions.
The group has also completed its first private placement, issuing €125m of senior secured notes comprised of €62m and £52.5m and designated as green. They have an average coupon of 4.6% and 6.2%, respectively, and a maturity profile of between five and seven years.
Both the green term loan and the notes have been structured in line with the Loan Market Association Green Loan Principles.
Dalata said that strong demand for both the bank facilities and the notes demonstrates confidence in the group’s investment case and performance.
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