Peel Hotels PLC Refinancing (2171R)
20 Settembre 2017 - 8:00AM
UK Regulatory
TIDMPHO
RNS Number : 2171R
Peel Hotels PLC
20 September 2017
20 September 2017
Peel Hotels Plc
Peel Hotels PLC
(the "Company" or the "Group")
5-Year Term Loan Facility with Allied Irish Bank
The Board of Peel Hotels Plc is pleased to announce that the
Company on 19 September 2017 entered into a GBP9,900,000 5-year
term loan facility (the "Facility") with Allied Irish Bank. The
Facility was drawn down in full yesterday and attracts a rate of
interest of 2.7 per cent above LIBOR for the relevant Interest
Period.
As specified in the announcement by the Company on 20 July 2017
of its Final Results for the Financial Year Ended 29 January 2017,
the Facility will be used by the Company to repay the Group's
existing facilities with the Royal Bank of Scotland Plc as well as
the remaining balances of the director's loans and Loan Notes. The
director's loans and Loan Notes are being repaid in accordance with
their terms and the Board's strategy to reduce the Company's debt
servicing obligations.
Completion of the Facility provides a solid foundation for the
Company to deliver its strategic plans by preserving the Group's
debt facilities, resetting financial covenant headroom and
extending maturities to five years from the date of drawdown. The
revised financing structure will result in a significant reduction
in financial charges going forward. Savings in the 2018/19
financial year are estimated to be not less than GBP160,000,
provided that LIBOR remains unchanged.
Robert Peel, Chairman of the Company, has said: "I am delighted
that we have closed our new financing arrangements with Allied
Irish Bank. We expect this new facility to provide significant
savings in the costs of finance and to improve our cash flow and
reduce our net debt."
For further information please contact:
Peel Hotels Group PLC
19 Warwick Avenue
London
W9 2PS
+44 (0)20 7266 100
Nominated Adviser
Peel Hunt LLP
Capel Irwin
+44 (0)20 7418 8907
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBRGDCUGBBGRC
(END) Dow Jones Newswires
September 20, 2017 02:00 ET (06:00 GMT)
Grafico Azioni Peel Hotels (LSE:PHO)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Peel Hotels (LSE:PHO)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a Peel Hotels Plc (Borsa di Londra): 0 articoli recenti
Più Peel Hotels Articoli Notizie