• The company has formalized the issue of senior secured notes and senior unsecured convertible bonds which, together with the new syndicated loan, will ensure a debt structure adapted to its business plan
  • NH will now have additional resources to finance its investment plans and reposition its hotel portfolio within a more flexible contractual framework.

Madrid, 31st October, 2013. With the successful completion of three financial operations

to provide the company with a new debt structure and a more flexible operating framework for the coming years, NH hotels has successfully completed the first stage of its strategic plan.

The Five Year Strategic Plan aims to transform the Group by building on the company's

strongpoints and redefining the customer experience to ensure that NH hotels are the consumers' preferred option. NH is currently defining its roadmap for the coming years with priorities ranging from building a new client value proposition to improving management capabilities or refining international plans. The hotel chain also plans to improve margins by transforming its distribution model, client relationship management and loyalty rewards programs.

The financial restructuring of the company, conditional on the bond issues being fully

paid-in over the coming days, clears the way for funding of up to 200 million euros to activate the Group's strategic plan and new investments and business initiatives.

Federico González Tejera, CEO of NH Hotels said "we are transforming NH. We have

started with a new more flexible financial structure to ensure that we can successfully implement our plans. This will give us additional resources to fund the investment required to make NH the consumers' number one choice".

New debt structure

NH Hotels has restructured its debt with three major operations that allow it to cover its

financial commitments with a more flexible framework while implementing its new business plans. Today the company has formalized the issuance of bonds convertible into newly-issued or previously - issued ordinary shares of the company, excluding preferential subscription rights, for a nominal amount of 250 million euros with a five year maturity period (November 2018). Furthermore, the Board of Directors of the company has agreed to increase capital by the amount required for conversion of the bonds.

At the same time, the company has issued 250 million euros of NH hotels senior

secured notes with a six year maturity period (November 2019). Both issues have been offered to qualified international investors. With the funds obtained from these two operations and the 200 million euros resulting from the new syndicated loan to company subsidiary NH Finance, S.A., NH Hotels will have 700 million euros to amortize its obligations under the 2012 syndicated loan and other financial operations, and will additionally have available funds, including cash and banks, amounting to approximately 200 million euros to fund the strategic investments mentioned above.

About NH Hotel Group, part of Minor Hotels

NH Hotel Group, part of Minor Hotels, is an established multinational hotel operator and a benchmark urban hotel chain in Europe and the Americas, where it runs over 350 hotels. Since 2019, it has been working with Minor Hotels on integrating all of its hotel trademarks under a single corporate umbrella brand with a presence in over 50 countries worldwide. Together they have articulated a portfolio of more than 500 hotels operating under eight brands – Anantara, Avani, Elewana, Oaks, NH Hotels, NH Collection, nhow and Tivoli – which between them provide a broad and diverse spectrum of hotel solutions in touch with the needs and desires of today's global travellers.

Jozine Hendriks-Rodenburg
Communication Manager
+31 356299262
NH Hotel Group