NHHOTEL GROUP
-
Results and Evolution 2013 - Refinancing Plan
12
Refinancing
Plan
The refinancing of a large part of theGroup’s debt successfully culminated at the end of October
2013.
The process ended with the issuance of the three financial instruments specifically
selected to articulate the new financial structure:
•
Senior secured notes
Simple, senior and secured notes in the amount of
€
250
M, maturing within 6 years in
November 2019, with a fixed rate coupon of 6.875%.
•
Convertible bonds
Unsecured bonds convertible into or exchangeable for shares, at the holder’s choice, in
NHHotel Group, S.A. in the amount of
€
250
M, maturing within 5 years inNovember 2018,
with a fixed rate coupon of 4% per annum. The conversion price for NHHotel Group shares
is established at
€
4.919
per share.
•
“
Club Deal” financing
New syndicated financing (“Club Deal”) in the amount of
€
200
M, maturing within 4 years
in November 2017 (without prejudice to mandatory and voluntary repayments at an earlier
date), with a variable interest rate equal to Euribor three months
+
4%.
These operations amounting to
€
700
M enabled the Company to fully repay the March 2012
syndicated loan and other financial obligations. This helped to reduce average financing costs
and increased average terms. A new, more flexible financial structure emerged as a result,
through which the Group can now have access to additional funds, including cash on hand,
for investing up to
€
200
M in the new strategic initiatives contemplated in its Business Plan.
The refinancing of the debt helped achieve the following goals: extending average terms by
reducing financial expenditure; diversifying financing sources by reducing dependence on
financial institutions; and lastly, aligning the repayment calendar to the initial investment
phase of the new plan.
The refinancing of a large part of the Group’s debt through the capital markets (fixed rate bond
and bonds convertible into shares) led to several investor events and many individual and
collective meetings with investors and shareholders in 2013.
NHHotel Group results as atDecember 31
st
2013
NHHotel Group - P&L ACCOUNT
(
€
million)
12
M2013 12M2012 2013/2012
Hotel Revenues
1,266.0 1,288.0
(1.7%)
Real estate sales and other
14.9
22.1
(32.7%)
TOTAL REVENUES
1,280.8
1,310.1
(2.2%)
GROSS OPERATING PROFIT
398.1
411.1
(3.2%)
EBITDA
121.6
118.1
2.9%
EBIT
27.7
5.5
403.8%
EBT
(36.0)
(53.6)
32.9%
Recurring NET RESULT
(44.1)
(66.9)
34.1%
Non recurring EBITDA
21.3
(40.2)
153.0%
Other non recurring items
(17.0)
(185.0)
90.8%
NET RESULT including
Non-Recurring activity
(39.8)
(292.1)
86.4%
