The new loan repayment period facilitates the Group's development plans
The syndicated loan announced in August by NH Hoteles for 650 million euros, with a maturity of 5 years, reduces the interest rate from a margin of 1,1 plus Euribor to 0,7, the company informed the National Securities Market Commission (CNMV) today.
The new loan repayment period facilitates the Group's development plans, as the first payment of the loan will be made within three years, the period planned by NH to complete its current expansion plan.
The operation involves 34 financial institutions that subscribed a total amount of 1.363 billion euros. BBVA is acting as the agent bank.
In January of this year, NH Hoteles presented its strategic expansion plan, which aims to strengthen its leadership in the mid-range segment in Europe, concentrating its organic growth investments in the continent's main markets.
The group expects to double the number of rooms opened and signed over the next three years.
NH Hoteles' target is 72.000 rooms and an operating profit (EBITDA) of more than 300 million euros by the end of 2009.
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