The Board of Elegant Hotels Group plc, 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.
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