PPHE Hotel Group Limited (PPH.L), Thursday announced an agreement to refinance its existing loan with Aareal Bank AG in relation to Park Plaza London Riverbank.
With this move, the company extends the existing 2016 refinancing facility with Aareal to a new maturity date in June 2030, instead of the original maturity date of June 2026.
As per the terms of the agreement, the 95.8 million pounds facility will continue to attract an all-in fixed interest rate of 3.248 percent until the original maturity date of June 2026, which will be followed by a fully fixed interest rate of 5.72 percent on 85 per cent of the loan until maturity.
Also, the company added that the loan will no longer be subject to amortisation which is expected to partially offset the impact of the increased interest on cash flow.
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