Orient-Express gets €150 million loan via Barclays, Credit Agricole

By Sara Rosenberg

New York, Nov. 3 - Orient-Express Hotels Ltd. closed on a new €150 million five-year term loan, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Barclays and Credit Agricole acted as the joint lead arrangers on the deal that was completed on Oct. 28.

Pricing on the loan is Euribor plus 250 basis points.

Covenants include minimum net worth, minimum interest coverage ratios, maximum debt/EBITDA ratios and maximum loan to value ratios.

Proceeds will be used for general corporate purposes.

Also, the company is paying off its existing €190 million term loan in full.

Orient-Express is a Hamilton, Bermuda-based owner and manager of luxury hotel, restaurant, tourist train and river cruise properties.

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