• Morgans agrees fresh funds

Morgans Hotel group has refinanced USD280m of debt, secured against hotels in New York and Florida. Citigroup and Bank of America have agreed to provide a two year advance of non-recourse and mezzanine loans totalling USD450m, secured on the properties and extra equity.

Morgans will pay down the property loans and use additional funds for working capital, and to settle other debts. The loan matures in February 2016, with a one year option to extend.
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