Maldron and Clayton band operator has also refinanced its existing bank facilities, increasing its debt capacity to €600m
Dalata , Ireland’s largest hotel group, has announced its first foray into the private debt market after completing a €125 million placement of senior secured loan notes.
“We are delighted to announce the successful completion of our refinancing,” said Carol Phelan, chief financial officer at Dalata. “This increases our debt capacity to €600 million, diversifies our funding sources and enhances the flexibility under the agreements.” The refinancing deal announced on Thursday – which sees Dalata’s existing banking syndicate joined by NatWest – comprises a green term loan facility of €100 million and a €375 million revolving credit facility, maturing in October 2028 with the option of two one-year extensions.
In a first for Dalata, the group also announced the completion of a €125 million private placement of senior notes, comprising €62 million and £52.5 million with an annual average interest or coupon rate of 4.6 per cent and 6.2 per cent respectively. The notes are designated ‘green’ under the UK Loan Market Association’s criteria for environmentally sustainable credit.
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