Ireland’s Dalata Hotel Group agrees €525m debt

Ireland’s Dalata Hotel Group has agreed a new €525m (£460m) debt facility. The new borrowings, made up of a term loan of £176.5m and a multi-currency revolving credit of €325m, have a five-year term expiring in November 2023. They replace the existing term loan (approximately €300m) and revolving credit of €190m, which were due to mature in February 2020. The existing facilities were provided at different times from February 2015 onwards by a banking group comprising AIB, Bank of Ireland, Barclays and Ulster Bank. This group has been joined by HSBC and Banco de Sabadell. Deloitte acted as debt adviser for the company. Dermot Crowley, deputy chief executive, said: “Our banking group has been very supportive of our growth ambitions since we first drew down facilities in February 2015… 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 and extend the maturity of our debt”. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette