Morgans Hotel Group completes $100 million revolver led by Deutsche

By Sara Rosenberg

New York, July 29 - Morgans Hotel Group Co. closed on a new $100 million three-year senior secured revolving credit facility, according to a news release.

Deutsche Bank Securities Inc. acted as the lead arranger and agent on the deal.

Pricing on the revolver is Libor plus 400 basis points with a 1% Libor floor.

Financial covenants include a minimum fixed-charge coverage ratio of 1.05 times in the first year and 1.10 times thereafter.

Security is Delano in South Beach.

Proceeds will be used to fund the company's growth.

Morgans Hotel Group is a owner and operator of hotels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.