This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Mandarin Oriental Arranges Four Year Extension To One Of The Tranches
The tranche that has been extended was originally arranged in August 2001 as a five year revolving credit facility amounting to some HK$1.7 billion (US$218 million) and this has now been extended to December 2010. The second tranche will continue as a seven year term loan facility amounting to some HK$1.3 billion (US$167 million) expiring in August 2008.
Commenting on the new arrangements, Chief Financial Officer, John Witt, said, "The extension to the syndicated facility increases the average term of our bank debt and continues to be competitively priced. The extension supports our development plans for the Group, positioning Mandarin Oriental as one of the world's leading luxury hotel brands."
The facility is available to the Group's wholly-owned subsidiaries Mandarin Oriental, Hong Kong Limited and Excelsior (BVI) Limited, and is secured on the Group's two Hong Kong properties.
The agent of the facility is Standard Chartered Bank. Other banks participating in the facility include: BNP Paribas (Hong Kong Branch); The Bank of Tokyo-Mitsubishi Ltd.; Wing Lung Bank Limited; Sumitomo Mitsui Banking Corporation; The Bank of East Asia, Limited; Industrial and Commercial Bank of China (Asia) Limited; Nanyang Commercial Bank, Limited; Shanghai Commercial Bank Ltd; Bank of China (Hong Kong) Limited; UFJ Bank Limited; Oversea-Chinese Banking Corporation Limited; Hang Seng Bank Limited; Bank of China (Macau Branch); Bank of Communications (Hong Kong Branch); Dah Sing Bank, Limited; Mizuho Corporate Bank, Limited; Tai Fung Bank Limited and Agricultural Bank of China.
Mandarin Oriental is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. In total, the Group operates 19 luxury hotels in key business and leisure destinations, with four additional hotels under development in Washington D.C. (opening spring 2004), Hong Kong (opening 2005) as well as Tokyo and Boston (opening 2006). Mandarin Oriental now operates some 7,000 rooms in eleven countries with nine hotels in Asia, seven in The Americas and three in Europe. Mandarin Oriental International Limited is a publicly listed company and is a member of the Jardine Matheson Group.