NH Hotel gets €121.51 million tenders for 6 7/8% notes via Deutsche

New York, March 27 – NH Hotel Group, SA said holders tendered €121,505,000 of its 6 7/8% senior secured notes due 2019 in the tender offer for the securities being carried out by Deutsche Bank AG, London Branch.

Completion of the tender remains subject to the condition that the company complete the sale of a new issue of notes.

If that condition is fulfilled, NH Hotel said it expects that all the tenders will be accepted with no scaling.

As previously reported, NH Hotel announced on March 20 that Deutsche Bank was tendering for up to €150 million of the €250 million of outstanding notes.

Deutsche Bank was offering 107.9% of par for the notes plus accrued interest.

The tender ended at 12 p.m. ET on March 24. Settlement is planned for April 3.

If the target amount is not reached, NH Hotel plans to redeem sufficient notes after the tender ends to reach the €150 million level.

Funding will come from an offering of an add-on to NH Hotel’s €285 million of 3Ύ% senior secured notes due 2023.

NH Hotel priced a €115 million add-on at 103.375 on Friday.

Following settlement, NH Hotel and Deutsche Bank will exchange notes accepted for purchase in the tender for new notes.

Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com) is dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or nh@lucid-is.com) is tender agent.

The tender is being carried out under Regulation S, but if there is a subsequent redemption it will also include Rule 144A notes.

NH Hotel is a Madrid-based hotel operator.

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