Business
Completion of Financing
Completion of Financing.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8874E\n PPHE Hotel Group Limited\n 10 November 2020\n \n \n \n \n 10 November 2020\n \n \n \n \n \n \n PPHE Hotel Group Limited\n \n \n \n(\"PPHE Hotel Group\", the \"Company\" or the \"Group\")\n \n \n \n Completion of Financing\n \n \n \n \n \n \n \n \n \n PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces that one of its wholly-owned subsidiaries has entered into a revolving facility agreement with Santander UK Plc for up to £30,000,000 (the \"Facility\") pursuant to the Coronavirus Large Business Interruption Loan Scheme. \n \n \n \n \n \n The Facility is provided on a three-year term and bears an interest rate on drawn amounts of LIBOR plus 2.5 per cent during year one, increasing to LIBOR plus 3 per cent in years two and three.\n \n \n \n \n \n The Facility contains customary representations, undertakings and financial covenants (such as loan to value and debt service cover) which must be complied with. For so long as the Facility remains in place the payment of cash dividends to the Company's shareholders is also restricted.\n \n \n \n \n \n The Facility is guaranteed by the Company and secured by, among other things, security over the shares in the borrowing entity and other relevant group companies. \n \n \n \n \n \n The Facility will be used for the general corporate and working capital purposes of the Group and, in particular, to support trading of the Group in the UK during this unprecedented time.\n \n \n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n PPHE Hotel Group Limited\n \n \n \n \n \n \n \n \n \n \n \n \n \n Daniel Kos, Chief Financial Officer & Executive Director\n \n \n \n \n \n \n \n \n \n \n \n \n \n Inbar Zilberman, Chief Corporate & Legal Officer\n \n \n \n \n \n \n \n \n \n \n \n \n \n Robert Henke, Executive Vice President Commercial Affairs\n \n \n \n \n Tel: +31 (0)20 717 8600\n \n \n \n \n \n \n Hudson Sandler\n \n \n \n \n \n \n \n \n \n \n \n \n \n Wendy Baker/ Lucy Wollam\n \n \n \n \n Tel: +44 (0)20 7796 4133\n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n Notes to Editors\n \n \n \n \n \n PPHE Hotel Group is an international hospitality real estate company, with a 1.7 billion port...