Dalata Announces
€600 million Refinancing to Fuel Growth
Refinancing
Includes €100 million Green Term Loan and Inaugural Private
Placement of €125 million Green Loan Notes
ISE:
DHG
LSE:
DAL
Dublin and London | 10 October
2024: Dalata Hotel Group plc (‘Dalata’ or the
‘Group’), the largest hotel operator in Ireland, with a growing
presence in the United Kingdom and Continental Europe, is pleased
to announce it has successfully refinanced its existing debt
facilities and added further liquidity to its capital structure to
fund its future growth.
€475 million Bank
Facilities
The new lending facilities are made up of a green term loan
facility of €100 million and a multi-currency revolving credit
facility of €375 million (together the “Bank Facilities”) with
opening margin of 1.70% and 1.30% respectively. The Bank Facilities
have a five-year term expiring in October 2029 with the option of
two one-year extensions.
€125 million Private
Placement
The Group has also completed its inaugural private placement
with the €125 million issue of senior secured notes (the “Notes”),
comprising €62 million and £52.5 million. They have an average
coupon of 4.6% and 6.2% respectively and a maturity profile of
between five and seven years. The Notes are designated as
Green.
Both the green term loan and the Notes have been structured
in line with the Loan Market Association Green Loan
Principles.
Strong demand for both the Bank
Facilities and the Notes
offering (collectively the “New Facilities”) demonstrate confidence
in Dalata’s investment case and performance. The New Facilities
will further strengthen the Group’s financial position, providing
greater financial flexibility through the extension of the debt
facilities and support the business as it continues to deliver on
its exciting growth strategy. The New Facilities replace the
existing multi-currency loan facility consisting of a £176.5
million term loan facility and a €304.9 million revolving credit
facility due to mature in October 2025.
The Group’s existing banking syndicate, Allied Irish Banks,
Bank of Ireland, Barclays Bank and HSBC Bank has been joined by
NatWest. The private placement noteholders are high quality
institutional debt investors.
Carol Phelan, CFO, Dalata
said:
"We are delighted
to announce the successful completion of our refinancing. This
increases our debt capacity to €600 million, diversifies our
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. 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”.
-ENDS-
About Dalata
Dalata Hotel Group plc is a leading
hotel operator backed by €1.7bn in hotel assets primarily in
Ireland and the UK. Established in 2007, Dalata has become
Ireland’s largest hotel operator with an ambitious growth strategy
to expand its portfolio further in excellent locations in select,
large cities in the UK and Continental Europe. The Group’s
portfolio comprises a mix of owned and leased hotels with 57
primarily four-star hotels operating through its two main brands,
Clayton and Maldron Hotels, with 12,258 rooms and a pipeline of
over 700 rooms. For the six-month period ended 30 June 2024, Dalata
reported revenue of €302 million, basic earnings per share of 16.0
cent and Free Cashflow per Share of 21.5 cent. Dalata is listed on
the Main Market of Euronext Dublin (DHG) and the London Stock
Exchange (DAL). For further information visit:
www.dalatahotelgroup.com
Contacts
Dalata Hotel Group plc
|
investorrelations@dalatahotelgroup.com
|
Dermot Crowley, CEO
|
Tel +353 1 206 9400
|
Carol Phelan, CFO
|
Niamh Carr, Head of Investor
Relations & Strategic Forecasting
|
Joint Group Brokers
|
|
Davy: Anthony
Farrell
|
Tel +353 1 679 6363
|
Berenberg: Ben Wright /
Clayton Bush
|
Tel +44 203 753 3069
|
|
|
Investor Relations and PR | FTI
Consulting
|
Tel +353 86 401 5250
|
Melanie Farrell / Rugile
Nenortaite
|
dalata@fticonsulting.com
|