Dalata Hotel Group has successfully agreed a new €525m debt facility, completing the refinancing of its existing debt facilities. The new facilities, made up of a term loan facility of £176.5m and a multi-currency revolving credit facility of €325m, have a five-year term expiring in November 2023 and replace the existing term loan (approximately €300m) and revolving credit facilities of €190m 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 the company.
Dermot Crowley, Deputy CEO – Business Development & Finance, said: “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, reduce our financing costs as well as extending the maturity of our debt”.
