Orient-Express Hotels Ltd. (NYSE: OEH) today announced that it has completed the refinancing of the Company's $88 million loan on its Brazilian portfolio of properties, including the Copacabana Palace in Rio de Janeiro and Hotel das Cataratas at Iguassu Falls.
The new $115 million loan includes a $15 million capital expenditure facility to assist with the planned refurbishment of the main building of the Copacabana Palace to take place during 2012. The new loan has a term of three years and an interest rate of LIBOR plus 3.15%. The prior $88 million loan was due to mature in October 2012, and represented the Company's only significant debt maturity in 2012.
Crédit Agricole CIB, HSBC Bank Bermuda Limited and Barclays Bank Plc acted as joint arrangers for the new financing.
Orient-Express Hotels Ltd., listed on the New York Stock Exchange, ticker OEH, engages in the hotel, tourist train, restaurant and cruise ship business. Orient-Express Hotels owns and manages 49 famous properties in 24 countries, including Hotel Cipriani in Venice, Copacabana Palace in Rio de Janeiro and the Mount Nelson Hotel in Cape Town. In addition, it owns and operates the Venice Simplon-Orient-Express and Eastern & Oriental Express tourist trains, '21' Club in New York City and the Road To Mandalay cruise ship in Burma.