• Strategic refinances

Strategic Hotels has arranged a new USD300m credit facility secured by an interest in five of its hotel properties. And it has also paid USD22.7m to terminate an interest rate swap portfolio, saving USD11.5m in the next year.

The four year loan deal will reduce Strategic’s borrowing costs, replacing an existing facility running to 2015. The loan has a leverage-related interest rate, ranging from 175 to 250 points above LIBOR.
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