RAK Hos­pi­tal­ity sounds out for debt fi­nanc­ing

Kuwait Times - - BUSINESS -

RAK Hos­pi­tal­ity Hold­ing, a United Arab Emi­rates com­pany con­trolled by the gov­ern­ment of the emi­rate of Ras Al Khaimah, is in talks with banks about a debt-rais­ing ex­er­cise, bankers said. The en­ter­tain­ment and hos­pi­tal­ity group is con­sid­er­ing both a loan and a bond is­sue which, ac­cord­ing to the bankers, could be smaller than the 880 mil­lion dirham ($240 mil­lion) debt trans­ac­tion which the com­pany con­cluded in May last year. “We con­stantly as­sess how our ex­pan­sion plans can be ap­pro­pri­ately funded and as you would ex­pect from an en­ter­prise of our scale, hold dis­cus­sions with our bank­ing part­ners about po­ten­tial ways to do this. We are un­able to com­ment fur­ther,” the com­pany’s chief ex­ec­u­tive, Yan­nis Anag­nos­takis, told Reuters via email. No bank man­date has been awarded yet for the po­ten­tial new debt trans­ac­tion, bankers said. RAK Hos­pi­tal­ity’s 880 mil­lion dirham debt fa­cil­ity was an eight-year syn­di­cated loan raised to back the ac­qui­si­tion of two ho­tels and the re­fur­bish­ment of two more ho­tels, and to con­sol­i­date and re­fi­nance ex­ist­ing com­pany debt.

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