Dalata Hotel extends credit facilities with banking partners for one year

Chicago, Nov. 3 – Dalata Hotel Group plc extended its credit facilities with its banking partners by one year, according to a notice.

The €200 million term loan will now mature on Oct. 26, 2026.

The revolving credit facilities have also been extended by one year: a €304.9 million revolver will mature Oct. 26, 2025 and a €59.5 million revolver will mature Sept. 30, 2023.

The group announced in July 2020 that previous covenants comprising net debt to EBITDA and interest cover would not be tested again until June 2022.

These two covenants were replaced, until that date, by a net debt to value covenant and a minimum liquidity test, whereby the group must have a minimum of €50 million available to it in cash and/or an unutilized amount of the revolving credit facility.

Under the revised facilities agreement, the previous covenants will now not be tested until June 2023.

The net debt to value covenant and the minimum liquidity test will remain in place until that date.

As of Oct. 29, the group has cash and undrawn facilities of €303 million.

Dalata is a hotel operator based in Dublin.

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