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The State’s largest hotel chain Dalata has secured a 12-month extension to its €564 million debt.
The company, which owns the Maldron and Clayton hotels, said it had availed of an option to extend the maturity of its debt .
The group said its debt facilities now consist of a €200 million term loan facility, with a maturity date of October 2025 and a €364.4 million revolving credit facility, comprising €304.9 million with a maturity date of October 2025 and €59.5 million with a maturity date of September 2023.
The agreed extension with its banking partners demonstrated the strength of the company’s financial position while providing “additional flexibility” as the business recovers from the impact of the Covid-19 pandemic, Dalata said.
Under the revised facilities agreement announced today, the company’s covenant debt agreements will now not be tested until June 2023. The group said that as of the end of October it had cash and undrawn facilities of €303 million.
Dermot Crowley succeeded longstanding chief executive Pat McCann earlier this month.
The hotel group, had announced Mr McCann’s retirement in March. He had been chief executive of the company since 2007.