Dalata Hotel Group, which owns the Clayton Hotel and Maldron Hotel brands, has announced a €600m refinancing deal to fund its future growth.
Dalata, the country's biggest hotel group, said the new lending facilites are made up of a green term loan facility of €100m and a multi-currency revolving credit facility of €375m.
The group has also completed its inaugural private placement with the €125m issue of senior secured notes, comprising €62m and £52.5m.
They have an average coupon of 4.6% and 6.2% respectively and a maturity profile of between five and seven years.
The company's existing banking syndicate, AIB, Bank of Ireland, Barclays Bank and HSBC Bank has been joined by NatWest.
Carol Phelan, CFO of Dalata, said the new refinancing increases the hotel group's capacity to €600m, diversifies its funding sources and enhances the flexibility under the agreements.
"As part of the refinancing, we are very pleased to have also secured our inaugural private placement on attractive terms demonstrating the credit quality of the group," Ms Phelan said.
"Our strategic focus on growing a sustainable business has been illustrated by the green term loan and private placement. These new facilities reflect the confidence of our partners, further enhance the group's strong balance sheet and enable us to continue to deliver on our ambitious growth strategy," she added.
