Orient-Express Hotels completes new corporate debt facility

24 March 2014

Orient-Express Hotels Ltd. (NYSE: OEH) said it has completed a USD657.0m senior secured credit facility, consisting of a USD552.0m seven-year term loan and a USD105.0m five-year, multi-currency revolving credit facility.

The Term Loan B is comprised of a USD345.0m US dollar-denominated tranche and a EUR150.0m euro-denominated tranche (USD207.0m as of the closing date). The company intends to utilize the Term Loan B proceeds to refinance all of the funded debt of the company and its subsidiaries other than the debt of Charleston Place in South Carolina, a consolidated variable interest entity with separate non-recourse financing. The transaction was initially launched by the company on February 27, 2014, as announced in its fourth quarter 2014 earnings news release.

Orient-Express Hotels Ltd., together with its subsidiaries, is engaged in the hotel and travel businesses. The company was founded in 1971 and is based in Hamilton, Bermuda. Its website is at http://www.orient-express.com.

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